{"id":1004165663,"date":"2017-02-01T06:40:06","date_gmt":"2017-02-01T14:40:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004165663"},"modified":"2022-12-09T01:40:43","modified_gmt":"2022-12-09T09:40:43","slug":"pennsylvania-warehouse-trades-for-16m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pennsylvania-warehouse-trades-for-16m\/","title":{"rendered":"Pennsylvania Warehouse Trades for $16M"},"content":{"rendered":"

By Mihaela Coste<\/em><\/p>\n

\"350<\/a>

350 Alvin Drive, New Kensington, Pa.<\/p><\/div>\n

New Kensington, Pa.<\/strong>\u2014Marcus & Millichap recently closed the sale of a 239,400-square-foot industrial property in New Kensington. The asset was acquired by Broadstone Real Estate LLC for $15.5 million.<\/p>\n

The seller Kacin Co. was represented by Marcus & Millichap’s Senior Associate Donovan Mackey, Associate Mitchell Cowan an Mark Taylor, senior managing director of investments at\u00a0the firms Philadelphia office. In addition, Donovan Mackey procured the buyer.<\/p>\n

The industrial property is located at 350 Alvin Drive on 34 acres, along Pennsylvania Route 380. The building was completed in 2015 and designed as a fullfilment hub and distribution center for Leedworld Inc. Leedworld currently occupies the entire property, having a triple-net lease for a 14-year term. The property has 19 docks with custom levelers, as well as\u00a0office space which\u00a0can be expanded by an additional 260,600 square feet to a total of 500,000.<\/p>\n

\u201cOur targeted marketing campaign attracted a significant amount of interest from institutional investors and fueled a strong multiple-bid-offer process,\u201d said Mackey in a prepared statement. \u201cThe process and final outcome fulfilled the expectations of everyone involved.\u201d<\/p>\n

Image courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The property is fully leased to Leedworld Inc.<\/p>\n","protected":false},"author":1192,"featured_media":1004165670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,21742,10,1602],"tags":[33778,32864],"class_list":["post-1004165663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-latest","category-northeast","category-pittsburgh","tag-broadstone-real-estate-llc","tag-marcus-and-millichap"],"acf":[],"yoast_head":"\nPennsylvania Warehouse Trades for $16M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pennsylvania-warehouse-trades-for-16m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pennsylvania Warehouse Trades for $16M\" \/>\n<meta property=\"og:description\" content=\"The property is fully leased to Leedworld Inc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pennsylvania-warehouse-trades-for-16m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-01T14:40:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:40:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/350-Alvin-Drive-New-Kensington-Pa..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"321\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mihaela Coste\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pennsylvania-warehouse-trades-for-16m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pennsylvania-warehouse-trades-for-16m\/\",\"name\":\"Pennsylvania Warehouse Trades for $16M - 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