The Capital Markets Group from Lee & Associates of Eastern Pennsylvania, headed by Bob Yoshimura and Joe Hill, orchestrated the $23.75 million sale of a newly delivered, 252,800 square foot warehouse/distribution building located at 601 Stony Battery Road in Lancaster, PA. TA Realty purchased the facility from High Street Logistics Properties on a forward basis.
The Capital Markets Group consisting of Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill, Jr. represented High Street Logistics Properties in the sale, and also procured TA Realty as the buyer of the facility.
“The building’s exceptional location combined with its best-in-class design brought the buyer to the opportunity. The Pennsylvania industrial market continues to attract the highest quality institutional investors throughout the country,” said Yoshimura.
The building is located within close proximity to U.S. Route 30, Pennsylvania Route 283 and U.S. Route 222, leading to convenient accessibility to Pennsylvania’s extensive interstate system. This excellent location within the Central Pennsylvania industrial market provides easy access to multiple parcel hubs and intermodal facilities within a 45-minute drive. Lancaster County has historically been one of the tightest industrial submarkets within Central Pennsylvania, boasting a 2.4% vacancy rate across 23.5 million square feet of inventory as of fourth quarter 2020.
“Lancaster County is a burgeoning location for industrial development in Central Pennsylvania due to its abundant and highly skilled labor force as well as its accessibility to various transportation routes leading to multiple major cities within a 2-hour drive. The need for Class A distribution space that can conveniently service large consumer bases has been significantly magnified as shopping habits have shifted and online spending has considerably increased,” added Hill.
About Lee & Associates
Celebrating more than 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Toronto, Ontario, Vancouver BC and Wisconsin. With more than 1,000+ brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.
Lee & Associates of Eastern Pennsylvania began in May 2015. The Capital Markets Group, led by Bob Yoshimura and Joe Hill, joined in 2018. The LAEP Capital Markets Group has over 100 years of combined experience and have established themselves as one of the preeminent teams in the region. The Yoshimura/Hill Capital Markets Group has completed $8.0 billion of transactions in their careers. For the latest news from Lee & Associates, visit lee-associates.com/pennsylvania or follow us on LinkedIn, Facebook, Instagram and Twitter.
