Out-of-State Investors Look to PA Properties

VALLEY FORGE, PA-Two different out-of-state buyers closed on two separate properties in Pennsylvania. One was a 251,751 sf warehouse/light manufacturing building in Valley Forge, PA and the other was a 70,724 sf industrial building in Lancaster, PA.

The 251,751 sf warehouse in the 250-acre Valley Forge Corporate Center at 2621 Van Buren Ave. was sold to Montreal-based Moteli Property Group for nearly $25.3 million. Comcast Corp., PayChex, Texas Instruments and PJM Interconnection are all tenants in the building. ComCast has 47,000 sf of warehouse space in the building through the year 2017 that will then be converted to office.

“This building has a great rent roll, great credit and great tenants,” Michael Hines, an EVP at CB Richard Ellis, tells GlobeSt.com. “This is sort of a sweet spot, what we call Core Plus properties. They have good credit, good terms, value add potential and good, consistent, reliable rents.”