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December 2012 Commercial & Industrial Real Estate Newsletter

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December 2012 Commercial & Industrial Real Estate Newsletter

CRR-Monthly December 12

See Link Below

 

The December 2012 Commercial Real Estate Newsletter – This Newsletter outlines property listings of the month, events, deals, and articles relative to Commercial Real Estate in Berks and Schuylkill County PA.

Click Here for Decembers Newsletter.

 

For a full list of all our Newsletters please visit:  http://www.bryan-cole.com/newsletters.html

For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com

 

Bryan E. Cole | NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

 

About Bryan Cole and NAI Keystone

Bryan joined NAI Keystone in July of 2004, prior to joining NAI,  Bryan Cole spent 4 year’s active duty in the U.S. Marine Corp, including a 6  month deployment in Afghanistan, a 4 month deployment in Kuwait/Iraq, and a 7  month deployment in Japan.Prior to joining the military Bryan was  involved in the construction of commercial and multi-unit properties in the  Philadelphia suburbs. Bryan has experience working with a diverse group of  individuals in numerous countries throughout the world. During Bryan’s time at  NAI, he has sold and leased in the excess of $270 Million Dollar’s worth of  Commercial Real Estate. Because of this, Bryan earned NAI gold club status his  first year in the business. Bryan is currently working on earning both his CCIM  designation and SIOR designation. Bryan has been the Top Performer/Producer at  NAI since 2006 with an average of $30-$35 Million in production  annually.
NAI Keystone is a full service commercial and industrial real estate firm located in Reading, Berks County.  NAI Keystone manages and handles approximately 4 Million square feet of commercial and industrial space in Berks and Schuylkill County.  NAI is the only firm in Berks County dedicated to strictly commercial real estate.
www.Bryan-Cole.com  | 610 779 1400 (o) | 610 779 1985 (f)


Fairfield Inn Approved along Meridian Blvd.

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NAI Keystone’s Bryan Cole and John Buccinno are representing BPG Properties of Philadelphia sell the below mentioned land. For more information please contact Bcole@naikeystone.com

 

Begin Reading Eagle Article~

A New Jersey development company can move forward with plans to build a hotel in Spring Township’s Spring Ridge Development, township supervisors decided Monday.

The supervisors unanimously voted to allow AVA Development Co. of Parsippany to build a three-story, 111-room Fairfield Inn & Suites on Meridian Boulevard.

“It seems like it would just be a positive asset for the township,” supervisors Chairman Barry W. Ulrich said. “There’s the tax money, plus it’s providing a service to our residents.”

Spring Ridge is a 576-acre planned residential development that originally called for office uses but not hotels. AVA plans to buy 4.5 undeveloped acres from BPG Properties of Philadelphia.

AVA principal A.J. Patel said last month that Spring Ridge was an attractive location due to its proximity to Route 222 and businesses.  Article_233311808

Local tourism officials are happy about a new hotel coming in, saying the county’s 2,524 hotel rooms are inadequate during the summer months.

“Then the overflow goes to neighboring counties,” said Lisa Haggerty, marketing manager for the Greater Reading Convention & Visitors Bureau.

As of November, Berks’ 31 reporting hotels had an average 54.2 percent occupancy year to date. While that rate is up almost 5 percent from the previous year, it’s below the statewide average of 63.1 percent for the same time period.

At a hearing on the hotel plans last month, two members of the Spring Ridge homeowners association said they supported the proposal.

“They’ve been working with us through it all to address our concerns,” James Dreibelbis said of developers.

Donna Beissel said neighbors were also pleased with plans to plant evergreens and other plants around the hotel.

Patel said it would take a year to build the Fairfield Inn and he hopes to start the project by spring, pending receipt of the necessary plan approvals. He wouldn’t say how much AVA would spend building the hotel.

 

Bryan E. Cole | NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

 

About Bryan Cole and NAI Keystone

Bryan joined NAI Keystone in July of 2004, prior to joining NAI, Bryan Cole spent 4 year’s active duty in the U.S. Marine Corp, including a 6 month deployment in Afghanistan, a 4 month deployment in Kuwait/Iraq, and a 7 month deployment in Japan.

Prior to joining the military Bryan was involved in the construction of commercial and multi-unit properties in the Philadelphia suburbs. Bryan has experience working with a diverse group of individuals in numerous countries throughout the world. During Bryan’s time at NAI, he has sold and leased in the excess of $280 Million Dollar’s worth of Commercial Real Estate. Because of this, Bryan earned NAI gold club status his first year in the business. Bryan is currently working on earning both his CCIM designation and SIOR designation. Bryan has been the Top Performer/Producer at NAI since 2006 with an average of $30-$35 Million in production annually., and over $64 Million in 2012.

Bryan has concentrated his efforts on medical/office property along with Big Box industrial.

NAI Keystone is a full service commercial and industrial real estate firm located in Reading, Berks County.  NAI Keystone manages and handles approximately 4 Million square feet of commercial and industrial space in Berks and Schuylkill County.  NAI is the only firm in Berks County dedicated to strictly commercial real estate.
www.Bryan-Cole.com  | 610 779 1400 (o) | 610 779 1985 (f)

 


2013 Office & Medical Newsletter

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Office & Medical Newsletter for 2013

2013 Office Newsletter

See Link Below

The 2013 Office & Medical Commercial Real Estate Newsletter – This Newsletter outlines all our Office & Medical Properties for sale or lease along with Market Info and Data.

Click Here for Newsletter.

For a full list of all our Newsletters please visit:  http://www.bryan-cole.com/newsletters.html

 

For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole | NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

About Bryan Cole and NAI Keystone

Bryan joined NAI Keystone in July of 2004, prior to joining NAI, Bryan Cole spent 4 year’s active duty in the U.S. Marine Corp, including a 6 month deployment in Afghanistan, a 4 month deployment in Kuwait/Iraq, and a 7 month deployment in Japan.Prior to joining the military Bryan was involved in the construction of commercial and multi-unit properties in the Philadelphia suburbs. Bryan has experience working with a diverse group of individuals in numerous countries throughout the world. During Bryan’s time at NAI, he has sold and leased in the excess of $280 Million Dollar’s worth of Commercial Real Estate. Because of this, Bryan earned NAI gold club status his first year in the business. Bryan is currently working on earning both his CCIM designation and SIOR designation. Bryan has been the Top Performer/Producer at NAI since 2006 with an average of $30-$35 Million in production annually., and over $64 Million in 2012.

Bryan has concentrated his efforts on medical/office property along with Big Box industrial.

NAI Keystone is a full service commercial and industrial real estate firm located in Reading, Berks County.  NAI Keystone manages and handles approximately 4 Million square feet of commercial and industrial space in Berks and Schuylkill County.  NAI is the only firm in Berks County dedicated to strictly commercial real estate.
www.Bryan-Cole.com  | 610 779 1400 (o) | 610 779 1985 (f)

Press Release – New Listing Assignment for Bryan Cole & Steve Willems of NAI Keystone

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Location:
Rt. 183 Retail / Office Land
2718 Bernville Road, Reading PA

Press Release:

NAI Keystone’s Bryan Cole and Steve Willems have been selected to exclusively rAerialrepresent the lease/sale of a 18 Acre site along Rt. 183.  The property is ideally suited for Retail, Industrial, Student Housing, or Office

The site is located just off the Rt. 222 and Rt. 183 Interchange.  The St. Joseph Hospitals main campus is less than two miles south of the site and within five miles of Penn States Berks Campus.

The property can be found at http://bryan-cole.com/property-search.html by typing in the following listing ID #2028265

 

Brokers:

The team responsible for the leasing and sale of the site will be Bryan Cole 610 370 8502 and Steve Willems 610 370 8506.

PR Icon

Click Thumbnail for Press Release

 

Who is NAI Keystone:

NAI Keystone is a full service commercial and industrial real estate firm. NAI Keystone maintains a prominent market share in Berks and Schuylkill Counties. NAI offers various services including but not limited to; Landlord representation, tenant representation, consulting services, site development, site selection, and property management.

Who is Bryan Cole:

Bryan joined NAI Keystone in July of 2004, prior to joining NAI, Bryan Cole spent 4 year’s active duty in the U.S. Marine Corp, including a 6 month deployment in Afghanistan, a 4 month deployment in Kuwait/Iraq, and a 7 month deployment in Japan.  Prior to joining the military Bryan was involved in the construction of commercial and multi-unit properties in the Philadelphia suburbs. Bryan has experience working with a diverse group of individuals in numerous countries throughout the world. During Bryan’s time at NAI, he has sold and leased in the excess of $290 Million Dollar’s worth of Commercial Real Estate. Because of this, Bryan earned NAI gold club status his first year in the business. Bryan is currently working on earning both his CCIM designation and SIOR designation. Bryan has been the Top Performer/Producer at NAI since 2006 with an average of $30-$35 Million in production annually and over $64 Million in 2012.

For additional information please visit http://www.Bryan-Cole.com or email us at Bcole@naikeystone.com

End of Press Release ~

 

Bryan E. Cole | NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com


Press Release – New Listing Assignment for Bryan Cole & Steve Willems of NAI Keystone

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Location: The Walker Farm, 5652 Allentown Pike, Reading PA

Press Release:

NAI Keystone’s Bryan Cole and Steve Willems have been selected to exclusively represent the sale of a 29.60 Acre site along Rt. 222.  The property is ideally suited for Industrial, flex, or multi-family.

The site is located just off the Rt. 222 and Business Rt. 222 Interchange.  The property is currently zoned General Commercial and is within 1.75 miles of the Rt. 61/222 interchange which acts as the main N/S corridor of Berks County.

The property can be found at http://bryan-cole.com/property-search.html by typing in the following listing ID #28475129

Brokers:

The team responsible for the leasing and sale of the site will be Bryan Cole 610 370 8502 and Steve Willems 610 370 8506.

Walker Farm PR Thumbnail_TN

Click Thumbnail for Press Release

 

Who is NAI Keystone:

NAI Keystone is a full service commercial and industrial real estate firm. NAI Keystone maintains a prominent market share in Berks and Schuylkill Counties. NAI offers various services including but not limited to; Landlord representation, tenant representation, consulting services, site development, site selection, and property management.

Who is Bryan Cole:

Bryan joined NAI Keystone in July of 2004, prior to joining NAI, Bryan Cole spent 4 year’s active duty in the U.S. Marine Corp, including a 6 month deployment in Afghanistan, a 4 month deployment in Kuwait/Iraq, and a 7 month deployment in Japan.  Prior to joining the military Bryan was involved in the construction of commercial and multi-unit properties in the Philadelphia suburbs. Bryan has experience working with a diverse group of individuals in numerous countries throughout the world. During Bryan’s time at NAI, he has sold and leased in the excess of $290 Million Dollar’s worth of Commercial Real Estate. Because of this, Bryan earned NAI gold club status his first year in the business. Bryan is currently working on earning both his CCIM designation and SIOR designation. Bryan has been the Top Performer/Producer at NAI since 2006 with an average of $30-$35 Million in production annually and over $64 Million in 2012.

For additional information please visit http://www.Bryan-Cole.com or email us at Bcole@naikeystone.com

End of Press Release ~

Bryan E. Cole | NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com


Suburban Office Market Overview: by Bryan Cole of NAI Keystone

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Suburban Office Market Overview – 4th Quarter 2012:  by Bryan Cole of NAI Keystone

The Greater Reading Suburban Office Market ended the 4th quarter 2012 with a vacancy rate for Class A Office buildings at 18.5%.  This is a slight increase in vacancy rates from 3rd quarter 2012 and an increase in vacancy from same period 2011.   The average rental rates remained steady at $16.00  – $19.50 per square foot Modified Gross which is a slight decrease to the rates from the same period 2011.

Deals of primary focus within Class A building sector were the 48,000 sf National Penn Bank location proposed at the Spring Ridge Corporate Center, which will be leased 100% to Nat Penn, and the new Fairfield Inn proposed along Meridian Blvd., is assisting to reduce the office vacancies by approximately 113,600 sf.  The Fairfield Inn is purchasing three proposed office pad sites at 3 Meridian Blvd.Vacancy Rates

The Class B Suburban office market ended the fourth quarter of 2012 with a vacancy rate of 18.98%.  This is a decrease in vacancy from 3rd quarter 2012 by less than one percent, however it is an increase from the same period 2011 by almost four percent.   The average rental rates remained unchanged from 3rd to 4th quarter 2012 at $11.00 – $16.50 per square foot modified gross opposed to that of rates from the same period 2011 which was $13.00 – $18.00 per square foot.

Deals of primary focus within the Class B building sector were the new leases at 975 Berkshire Blvd. of 5,000 sf, and Stonepointe Center at 10,550 sf along with the recent purchase of 30,966 sf at 6 Commerce Drive by Brentwood Industries.

And the Class C Suburban office market sector ended the 4th quarter of 2012 with a vacancy rate of 10.97% which was an increase from the 3rd quarter 2012.

Our outlook for the office market going into 2013 is very optimistic with activity levels at new highs within the market place and owners offering additional incentives and concessions to assist in getting deals done.

by Bryan Cole of NAI Keystone

Suburban Berks TN

Click Here to go to my office reports, including Suburban 4th Quarter.

Bryan Cole |  NAI Keystone Commercial & Industrial, LLC

www.Bryan-Cole.com

610.779.1400 x 8502

 

 

Who is Bryan Cole:

Bryan joined NAI Keystone in July of 2004, prior to joining NAI, Bryan Cole spent 4 year’s active duty in the U.S. Marine Corp, including a 6 month deployment in Afghanistan, a 4 month deployment in Kuwait/Iraq, and a 7 month deployment in Japan.  Prior to joining the military Bryan was involved in the construction of commercial and multi-unit properties in the Philadelphia suburbs. Bryan has experience working with a diverse group of individuals in numerous countries throughout the world. During Bryan’s time at NAI, he has sold and leased in the excess of $290 Million Dollar’s worth of Commercial Real Estate. Because of this, Bryan earned NAI gold club status his first year in the business. Bryan is currently working on earning both his CCIM designation and SIOR designation. Bryan has been the Top Performer/Producer at NAI since 2006 with an average of $30-$35 Million in production annually and over $64 Million in 2012.

For additional information please visit http://www.Bryan-Cole.com or email us at Bcole@naikeystone.com


New Lease Executed in Wyomissing

NAI’s Bryan Cole leases space to Coldwell Banker in Wyomissing PA


End of 2012 Office Market Report – by Bryan Cole

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Greater Reading Office Market Overview
End of 2012 Report
By Bryan Cole

Suburban Office Market Overview

The Greater Reading Suburban Office Market ended 2012 with a vacancy rate for Class A Office buildings at 18.5%. This is a slight increase in vacancy rates from 3rd quarter 2012 and an increase in vacancy from same period 2011. The average rental rates remained steady at $16.00 – $19.50 per square foot Modified Gross which is a slight decrease to the rates from the same period 2011.

Deals of primary focus within the Class A building sector in 2012 were the 48,000 sf National Penn Bank location proposed at the Spring Ridge Corporate Center, which will be leased 100% to Nat Penn, the new Fairfield Inn proposed along Meridian Blvd., the Fairfield Inn is purchasing three proposed office pad sites along Meridian Blvd, and the 30,000 sf leased to Digestive Disease Associates and BCDH at the Wyomissing Corporate Campus.

The Class B Suburban office market ended 2012 with a vacancy rate of 18.98%. This is a decrease in vacancy from 3rd quarter 2012 by less than one percent; however it is an increase from the same period 2011 by almost four percent. The average rental rates remained unchanged from 3rd to 4th quarter 2012 at $11.00 – $16.50 per square foot modified gross opposed to the average rental rates from the same period 2011 which was $13.00 – $18.00 per square foot.

Deals of primary focus within the Class B building sector in 2012 were the purchase of 210 George Street in Muhlenberg Township, a building consisting of approximately 40,000 sf and bought by the Municipality for their operations center, and the purchase of 6 Commerce Drive consisting of approximately 30,966 sf. which was purchased by Brentwood Industries and will be home to their new Headquarters.

The Class C Suburban office market sector ended 2012 with a vacancy rate of 10.97% which was an increase from the 3rd quarter 2012 and similar to the same period 2011.

Our outlook for the suburban office market going into 2013 is very optimistic with activity levels at new highs within the market place and owners offering additional incentives and concessions to assist in getting deals done.

Downtown Reading Office Market Overview

The Greater Reading Downtown Office Market ended 2012 with a vacancy rate for Class A Office buildings at 22.96%. There was no change in vacancy rates from 3rd quarter 2012; however it was a significant increase from the same period 2011. The average rental rates slightly decreased from 3rd to 4th quarter 2012 at $14.00 per square foot Modified Gross to $13.50 per square foot Modified Gross.

The largest additions to the overall vacancies in Class A facilities were at 401 Penn Street and 201 Penn Street, which caused Class A vacancy rates to sky-rocket from 2011 into 2012. Due to the current economic climate and overall interest in the City, these buildings remain vacant and are still taking a toll on the overall vacancy rate within Downtown.

The Class B Downtown office market ended 2012 with a vacancy rate of 22.08%. There was no change in vacancy rates from 3rd quarter 2012, and it was a slight increase from the same period 2011. The average rental rates dropped from $11.50 per square foot Modified Gross in the 3rd quarter 2012 to $10.00 per square foot Modified Gross in 4th quarter 2012 this is also a slight decrease to the rates from the same period 2011.

Overall Vacancy Rates for Class C buildings remained unchanged throughout 2012, however various buildings previously tracked as Class B buildings were changed to Class C buildings, due to re-evaluating the assets and conditions.

Tenant perspective: (As a Tenant Representative)
The Greater Reading market has experienced a high level of interest within the 4th quarter 2012, although activity is high and deals are steadily coming forward, the A and B product is still offering incentives/concessions which have allowed Tenants to continue to capitalize on past market conditions.
However moving forward, especially in 2013, landlords will begin to limit the concessions and negotiate much harder on higher base rates.
Tenants should begin to negotiate any leases that are within 18 months of expiration. This allows for enough room to negotiate and capitalize on the current conditions.
Although the markets are improving and landlords will begin to lock in better terms, we feel the market will continue to be a “Tenant’s Market” into the late stages of 2013 based on current vacancies and leasing activity.

Landlord perspective: (As a Landlord Representative)
Greater Reading’s recent activity will sway some landlords to think the market has turned around. Be cautious as we feel well into 2013 the market will maintain its “Tenant Market” status.
Rates have been low over the past few years, so by offering free rent on the front end while maintaining higher base rates will not only provide tenants the ability to get into the space on a lower initial cost for year 1, it will allow landlords to maintain higher valuations on their assets since most “Free Rent” is outside the term. This allows landlords to still get effective 3, 5, or 7 year terms while limiting their exposure long-term.
By maintaining the base rates and offering incentives on the front end, Landlords maintain solid valuations for their assets while still staying competitive in the marketplace.
Interest rates will probably remain low, well into 2013. This will allow tenants to finance the tenant improvements themselves at sometimes better rates than landlords. This makes the Free Rent on the front end even more appealing to some tenants.

 

By Bryan Cole, NAI Keystone Commercial & Industrial, LLC
Office & Medical Real Estate Specialist
www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502


New Member-Client Only Feature to Bryan-Cole.com

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Bryan-Cole.com has added a *NEW* Client and Member only feature to its website.

3-19-2013 12-01-22 PM

The information contained within the Site is built into three separate levels and are all completely FREE!

The 1st level is General Membership Level – and houses the current information.

General Resources

Market Reports
Vendor Lists
Publication Archive
Financial Resources
Government Resources
Real Estate Resources
Social Network Resources
Real Estate Terms Glossary
Calculators

The 2nd level is Vendor Membership Level

This level allows our vendors to place their information into our database which is fully searchable.  It also allows for complete access to the General Membership Level.

The 3rd and Highest Level is Client Membership Level

The client level features access to both Vendor and General along with the following resources.

Client Resources

Forms & Contracts
Templates
Marketing Collateral
Comprehensive Market Info
Detailed calculators
All General Resources

In Addition

We are also adding an individual level per Listing which will allow our Property Owners the ability to Log In and obtain information about their properties including Documents and Marketing.  This will be via the same secure site.

All memberships and subscriptions allow you to:  Manage your Profile, Mailing Subscriptions and e-Mail subscriptions.

The site and its contents are to assist our partners and clients to obtain accurate and valuable information to assist in their day-to-day operations and real estate decision-making process.

Please don’t forget to register at  www.Bryan-Cole.com or by clicking here

Thank you,

Bryan Cole | NAI Keystone Commercial & Industrial, LLC

http://www.Bryan-Cole.com

610.370.8502

Bcole@naikeystone.com


Berks County Property Receives KOZ Designation – Post by GREP

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Berks County Property Receives KOZ Designation – by GREP

The Greater Reading Economic Partnership (GREP) is pleased to announce that the PA Department of Community and Economic Development has designated 206 acres of the New Morgan Business Center site as a Keystone Opportunity Zone (KOZ).

This newly-designated zone features 206 acres of land either for sale or for lease in a prime development location at the Morgantown Interchange of the Pennsylvania turnpike. Its central locale enables businesses to draw from a labor pool encompassing Berks, Chester, Lancaster, Montgomery and Schuylkill counties.

“We are excited to be able to promote the New Morgan Business Center site as a KOZ area,” said Jon Scott, President and CEO, GREP. “This unique program allows Greater Reading to develop underutilized land and buildings by providing tax relief at both the state and local level. It encourages business not only to consider relocating to Greater Reading, PA, but also to expand.”

Keystone Opportunity Zones (KOZ) have been called one of the nation’s boldest and most innovative economic and community development programs. Specifically, through credits, waivers and broad-based tax abatements, total taxes on economic activity in these zones are significantly reduced. These benefits can affect the following taxes:

State: Corporate Net Income tax

  • Capital Stock and Foreign Franchise tax
  • Personal Income tax
  • Sales and Use tax (purchases consumed and used by businesses in the Zone)
  • Mutual and Thrift Institution tax
  • Bank and Trust Company Shares tax
  • Insurance Premium tax

Local: Earned Income/Net Profits tax

  • Business Gross Receipts, Business Occupancy, Business Privilege and Mercantile tax
  • Sales and Use tax (county/city; purchases used and consumed by business in the Zone)
  • Property tax

For more information on the New Morgan Business Center, please contact Pamela Shupp, Vice President, Greater Reading Economic Partnership at (610)376.4237 or Pamela@GreaterReading.com.

 

Article Obtained by:

Greater Reading Economic Partnership.

 

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

www.Bryan-Cole.com


Humane Society of Berks Art for Arf’s Sake Art Auction

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Arf's Art - All Systems Go!Take your protein pills and put your helmet on, then join us on Saturday, May 4th at the Sovereign Performing Arts Center in Reading as we reach for the stars at the 2013 Art for Arf’s Sake Art Auction. We’re celebrating all things futurist as we auction off the best submissions from regional and nationally known artists as well as a few surprises. All proceeds benefit the animals and programs of the Humane Society of Berks County, recognized as the leader in animal welfare from Giedi Prime to Alpha Centauri.

This may be our most important Art for Arf’s Sake ever as we unveil The Humane Society of Tomorrow, a radical and sweeping revision of our animal-sheltering biodome and veterinary medical facilities here on Earth. Slated for a mid-May groundbreaking (that’s right after the Auction), this cutting-edge facility will incorporate all that we’ve learned about animal welfare and veterinary medicine and help us to shape the care of animals in Southeastern Pennsylvania for years to come.

The auction will be your first opportunity to see the schematics for this new facility!

Art for Arf’s Sake begins at 5:30PM in the spacious lobby and mezzanine of the Performing Arts Center, where our guests can enjoy live music and entertainment while perusing art destined for the auction block. At 7:00PM sharp, we’ll open the theater for the Auction itself, where we’ll be offering beautiful original and limited-edition pieces from local and well-known artists, famous folks in the world of science fiction, and unique items and experiences you’ll find nowhere else. Throughout, you’ll enjoy complimentary food and beverages from our sponsors, including beer and wine. Liquor and cocktails are available at a cash bar as well.

General admission passes to the most memorable event in the galaxy are just $40 per person, and you can reserve yours securely online by clicking here. If you’d like to do more to help the animals, we also offer Patron Packages beginning at just $150 with promotional benefits and admission to the exclusive Patron Preview Reception before the Auction, as well as reserved seating and wait service at the Auction itself.

To see some of the art that will be auctioned off to benefit the animals, click here. Check back often, because we update this page as art is submitted.

Bryan Cole
NAI Keystone Commercial & Industrial, LLC

Wyomissing office buildings sell for $7.7 million

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NAI Keystone’s Bryan Cole – Discusses sale of Office Buildings in Wyomissing with the Reading Eagle.

 

Two prominent office buildings on Berkshire Boulevard in Wyomissing have been sold for a total of $7.7 million, according to the Berks County recorder of deeds’ office.

The buildings are 1105 Berkshire, known as the Travelers Insurance building, near Applebee’s, and 1150 Berkshire, near Wal-Mart. Blank Aschkenasy Properties LLC, Conshohocken, Delaware County, sold them as a package for about $80 a square foot, according to owner Paul M. Aschkenasy.

The large, three-story tan building at 1105 Berkshire Blvd. is more than 80 percent occupied by Travelers Property Casualty Corp. and about 90-plus percent total occupancy, Aschkenasy said.

The other property, a red brick building farther west at 1150 Berkshire Blvd., houses Fleetwood Loan Center and Black Diamond Financial Group, among other tenants, is more than 50 percent occupied.

The properties were sold to Rockford Capital Partners, Wilmington, Del. 1105 Berkshire blvd

Doug Motley, principal of Rockford Capital, a private real estate investment firm, said the Wyomissing properties are class A and the company would make select capital improvements.

“We like the tenants,” Motley said. “We think Wyomissing, as a market, is attractive and growing and it’s a solid investment for our stakeholders.”

He added that Rockford generally holds real estate for five to 10 years before selling it.

“But it’s market-based, and that doesn’t mean if someone offered us twice what we paid for it tomorrow that we wouldn’t sell it,” Motley said.

As for the seller, Aschkenasy said: “It was time for us to sell them. We have discrete times for our investments. We usually hold them seven to 10 years.

“We had these two buildings for nine years. That’s about right. We are in the business of buying and improving them and selling them. We love the  buildings, but it was time to sell.”

The buildings were constructed about 1987. Travelers has been a tenant since the late 1980s.

“We bought them as a package and sold them as a package,” Aschkenasy said.

Bryan E. Cole, an associate with NAI Keystone, Exeter Township, said his realty company had nothing to do with the sale, but he offered his perspective as a professional involved in Wyomissing commercial real estate.

Cole said he assumes, based on the price, that Travelers doesn’t have a long-term lease and that fact would be discounted in the sale price.

Motley said he didn’t know the length of the Travelers’ lease.

Cole said: “I’m guessing Travelers only has four years on its lease, and they are the majority tenant.

“What you end up doing is basing the deal strictly on cash flow  Eighty dollars sounds like a good deal for the purchaser on a per-square foot basis, but when you look at a guarantee of cash flow, it’s a so-so deal.”

Marti Hozey, borough manager and secretary at Wyomissing, said: “Wyomissing borough is always pleased to see that office buildings continue to be sold in the borough.

“We feel this is a premier area to have an office building in Berks County.”

Rockford bought it for its Rockford Real Estate Fund I, the final investment for its value-added fund, the company said.

Richard L. Meares, president of Fleetwood Bank, said the bank has had a private banking and loan center with three or four employees at the 1150 Berkshire location for about a year. Fleetwood plans to stay there and expand.

Gary Griffin, a spokesman for Travelers, said about 250 people work at the Berkshire Boulevard location and Travelers has a longstanding history in the area.

 

Article by Reading Eagle Company

 

Bryan Cole, NAI Keystone Commercial & Industrial, LLC Office & Medical Real Estate Specialist www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502


New Office Listing in Wyomissing PA

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NAI Keystone’s Bryan Cole has been retained to exclusively lease 1235 Penn Ave., in Wyomissing PA.  The building was recently purchased, and the new owners have decided to move forward with NAI as its exclusive easing agent.

1235 Penn Ave, Wyomissing PAThe building which consist of 35,414 RSF has two prime medical suites for lease.  Suite 202 is a 3,200 sf unit and Suite 203 is a 3,503 sf unit.  The building has been updated and renovated by the new owners.

 

For more information please check:

http://wyomissingofficespace.com/1235-penn-ave.html

 

 

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502


1st Quarter 2013 – Office Market Report

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Greater Reading Suburban Office Market Overview

1st Quarter Office Report

By Bryan Cole

Suburban Office Market Overview

The Greater Reading Suburban Office Market ended the first quarter 2013 with a vacancy rate for Class A Office buildings at 17.4%.  This is a decrease in vacancy rates from 4th quarter 2012 and an increase in vacancy from same period 2012.   The average rental rates increased to $16.00 – $21.50 per square foot Modified Gross which is an increase in the rates from the same period 2012.

Deals of primary focus within Class A building sector were the 13,268 sf. Lease to Sunoco Logistics at 1 Meridian Blvd, which was a relocation and expansion for the already Wyomissing based organization, and the new VA Medical Center lease that was signed at 2762 Century Blvd. these leases along with a few other assisted in reducing vacancy rates and increasing overall absorption.1Q13 Report TN

The Class B Suburban office market ended the first quarter of 2013 with a vacancy rate of 18.67%.  This is a slight decrease in vacancy from 4th quarter 2012 by less than one-quarter percent, however it is an increase from the same period 2012.   The average rental rates had an increase from 4th quarter 2012 to 1st quarter 2013 at $12.50 – $16.50 per square foot modified gross opposed to that of rates from the same period 2012 which was $11.00 – $16.50 per square foot.

Deals of primary focus within the Class B building sector were the new leases at 975 Berkshire Blvd. of 5,300 sf, and 2001 State Hill Road of 4,000 sf.  The activity level for second generation Class B space has greatly increased within the quarter which doesn’t seem to be slowing down.

And the Class C Suburban office market sector ended the 1st quarter of 2013 with a vacancy rate of 11.97% which was an increase from the 4th quarter 2012.

Our outlook for the office market going into 2nd quarter 2013 is very optimistic with activity levels at new highs within the market place and four new transactions pending totaling 70,000 sf. of new lease deals all of which NAI’s Bryan Cole is handling.

Tenant perspective: (As a Tenant Representative)

The Greater Reading market has experienced a high level of interest within the 1st quarter 2013, although activity is high and deals are steadily coming forward the A and B product is still offering incentives/concessions which have allowed Tenants to continue to capitalize on past market conditions.

However as we moved forward in 2013, landlords have begun as expected to raise rates, and limit the concessions as they negotiate with many more details than before.

Tenants should begin to negotiate any leases that are within 18 months of expiration.  This allows for enough room to negotiate and capitalize on the current conditions.

Although the markets are improving and landlords will begin to lock in better terms, we feel the market will continue to be a “Tenant’s Market” into the late stages of 2013 based on current vacancies and leasing activity.

Landlord perspective: (As a Landlord Representative)

Greater Reading’s recent activity will sway some landlords to think the market has completely turned around.  Be cautious as we feel well into 2013 the market will maintain its “Tenant Market” status.

Rates have been low over the past few years, so by offering free rent on the front end while maintaining higher base rates will not only provide tenants the ability to get into the space on a lower initial cost for year 1, it will allow landlords to maintain higher valuations on their assets since most “Free Rent” is outside the term.  This allows landlords to still get effective 3, 5, or 7 year terms while limiting their exposure long-term.

Interest rates will probably remain relatively lower well into 2013.  This will allow tenants to finance TI themselves at sometimes better rates than landlords.  This makes the Free Rent on the front end even more appealing to some tenants.

 

To Download the Full Report please visit www.NAIKeystoneMembers.com or www.Bryan-Cole.com and register for our market reports.

 

 

By Bryan Cole, NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com or www.WyomissingOfficeSpace.com



Two New Leases Executed at 1 Meridian Blvd. in Wyomissing

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Bryan Cole and John Buccinno complete two new leases at 1 Meridian Blvd.

NAI Keystone’s Bryan Cole and John Buccinno completed two new leases at 1 Meridian Blvd in Wyomissing.onemerdian_ext_2-lg

The leases were completed in the 1st quarter of 2013 to Baldwin Brass and Sunoco Logistics.  The lease values totaled over $3 Million for the term and 20,329 sf.

The property is owned by Equas Capital Partners – formally BPG Properties.  The building has various suites still for lease which can be found at www.WyomissingOfficeSpace.com or http://www.Bryan-Cole.com

For more information email us at Bcole@naikeystone.com

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502


Former CareerLink of PA Offices

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NAI Keystone is pleased to present a 40,000 sf. Office Building for Sale or Lease.  The building was home to CareerLink of PA who decided to relocate its offices after many years of occupancy.

The building is situated 2.27 Acres and consists of 40,000 +/- of Office space and a Papa John’s Lease out parcel if purchased.

The site is ideally suited for a Charter School or other Institutional type users due to its configuration, ease of access, and pricing structure.

Additional Information can be found here

OR

For more information email us at Bcole@naikeystone.com

 

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502


New Property for Lease in Spring Ridge Corporate Campus

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NAI Keystone’s Bryan Cole is pleased to offer a Class A Office Building in the heart of Spring Ridge for Lease.1350 Brodcasting Road

The building is a condo with the majority of the facility owned by Carlino Development Group; the 3,797 sf. suite is currently in “Cold Dark Shell” condition allowing for a fresh canvas.

The building has standard common areas including restrooms and Class A common corridor.

For More Information visit www.WyomissingOfficeSpace.com or click here

 

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502


Medical & Office Real Estate Ad in Berks County Medical Record

New Listing – 1220 Broadcasting Road in Spring Ridge

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Bryan Cole of NAI Keystone has been retained by Carlino Development Group to exclusively lease 1220 Broadcasting Road, in Wyomissing PA.  The building is home to XO Communications.

1220 Broadcasting Road is a 41,959 rsf. Class A Office building in the Spring Ridge area of Spring Twp. Wyomissing.1220 Broadcasting Road

The building currently has a 2nd floor suite accessible via a passenger elevator. The suite is 14,062 of rsf; however it can be divided in multiple ways to accommodate users from 2,500 sf. to 14,062 sf.

The suite allows for multiple access points which are all ADA compliant and is fully equipped with top of the line Infrastructure and Data Lines.

For more information please check:

http://wyomissingofficespace.com/1220-broadcasting-rd.html

 

Bryan Cole

Sr. Associate

Bcole@naikeystone.com

NAI Keystone Commercial & Industrial, LLC

3970 Perkiomen Ave, Suite 200
Reading, PA 19606

www.Bryan-Cole.com or www.WyomissingOfficeSpace.com

Direct +1 610 370 8502

Main +1 610 779 1400

Fax +1 610 779 1985

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