News
GOTTLIEB'S LIVIN' HERE IN ALLENTOWN
April 26, 2012
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| Keystone Property Group's latest Central PA deal is a 135k SF lease expansion with Allen Distribution in Allentown (no relation to Billy Joel), says Keystone SVP Richard Gottlieb. The $1.8M deal almost certainly wouldn't have happened this time last year, Richard tells us. "[In 2011] it was so slow, I'm not sure we could have given the space away," he says. "But now we have people competing for the same space." (Which makes him really glad he didn't give the space away at a minor league baseball game or something.) |
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| In fact, Allen Distribution has been leasing temporary space at the site since last November, says Gelcor's Andrew Komisor, who repped Keystone. But now that business has picked up for the 3PL, they've expanded from 47k SF on a month-to-month basis to the current three-year lease. Andrew suggests their timing couldn't have been better: "There's just not a lot of bulk distribution space available today," he says. And as for companies that are actively looking for space in the Lehigh Valley: "I think they're finding they either have to look elsewhere," he says, "or they have to make do with what they have." A good 100k SF of leasing space is still on offer at this particular warehouse, a partial cross-dock near the Turnpike that's also home to 5k SF of office space. |
