(Read more on the industrial market.)
BENSALEM, PA-5K Logistics, a third-party logistics supplier, has signed a five-year lease for 100,000 sf at 2994-2996 Samuel Dr. T-Mobile exited the 214,000-sf warehouse/distribution facility this May.
The transaction is valued at in excess of $2.2 million, according to Christopher Kutzler, a senior industrial associate in the Wayne office of CB Richard Ellis. Kutzler represented 5K in the negotiations in cooperation with a CBRE broker in the same office, who represented the owner, New York City-based BlackRock Realty.
It was a complicated transaction, Kutzler says, "because it required the building operator to obtain a General Purpose Foreign Trade Zone designation for the space, which allows the tenant to save money on customs duties and thus on cash flow while improving its logistics chains. The federal designation has to be approved by US Customs, the department of Homeland Security and other government entities. The deal took four months to craft," he tells GlobeSt.com.
The property, which was built in 1974, is located on approximately 10 acres at the corner of Street Rd. and I 95. It offers easy access to the Port of Philadelphia and is on a rail service line. Kutzler says the asking rent rate for the remaining 114,000 sf is $4.50 per sf, triple net.
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