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MANCHESTER, PA-An affiliate of Equilibrium Equities Inc. has acquired 33 acres to develop Heritage Business Park. The complex is planned to contain two industrial buildings totaling 325,000 sf.
The land at the intersection of Board Road and Shady Lane is 1.6 miles from Exit 24 of Interstate 83. Kevin Hodge of York-based Rock Commercial Real Estate represented the buyer. Chris Seitz and Gordon Kauffman with Coldwell Banker Commercial Bennett Williams, also based in York, represented the seller, identified only as a private estate.
Adam Meinstein, president of Equilibrium, tells GlobeSt.com the company paid nearly $1.6 million or about $47,727 per acre. Financing was provided by Lititz-based Susquehanna Bancshares Inc.
Plans call for a 200,000-sf industrial building to break ground in third quarter 2007 followed by a 125,000-sf building. "It is likely to be built on spec, but is open for a build-to-suit," Meinstein says. "Approvals aren't complete and the first facility isn't bid yet." As a result, the estimated construction cost isn't available nor is the projected rental rate. "Current rates in this area are about $4.25 per sf," he adds.
Just weeks ago Conshohocken-based Equilibrium broke ground on a 240,000-sf industrial building at Humboldt Industrial Park East in Hazleton, which is about two hours north of the just-bought development site. Since 2001, it has developed or acquired more than 3.3 million sf of industrial space and has 630,000 sf of additional space in the pipeline.
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