Two Unique, Fully Leased Properties Snapped Up
February 19, 2020 [Easton & Lancaster, PA] – Collier International’s Jeff Algatt and Fred Null, as exclusive agents to the Seller, have recently concluded a combined transaction totaling 114,530 square feet for a sale price of $11,698,300. The recently transferred properties, 2025 Edgewood Avenue in Easton, PA and 39 East Chestnut Street in Lancaster, PA are both associated with the IBS Pennsylvania property portfolio – each has a colorful history and potential for creative transitions.
2025 Edgewood Avenue
2025 Edgewood is an 85,104 square foot, four-story former manufacturing complex of Binney & Smith, predecessor to the modern-day Crayola company. Erected in the 1890’s the property is situated on 9.3 acres along the bucolic Bushkill Creek and adjoining public trail system. Notably, in its infancy, the facility’s pencil -then crayon - manufacturing was powered by waterwheels turned by the storied creek.
Most recently the fully renovated complex has served as Crayola’s center for sales and marketing operations. Crayola is the sole tenant with a recently extended triple net lease.
39 East Chestnut Street
39 East Chestnut Street, known as The Bare Building, is a two-story multi-tenant office and retail building. A former firehouse, the 29,426 square foot asset is located at the heart of thriving downtown Lancaster’s historic core, just three blocks from iconic Lancaster Central Market.
At the time of sale the property was 100% leased to the Commonwealth of Pennsylvania, analytics giant A.C. Nielson, PA Options for Wellness, and Festoon, a sophisticated women’s clothing and accessories store.
The Buyers, also located by the Colliers team, were affiliates of New York City-based investors seeking to satisfy 1031 Exchange requirements. Further, these properties offered immediate, attractive operating and after-tax returns from long tenured tenants, including fully reimbursed management fees. The variety of tenants, lease expirations, structures and locations provided capital protection through diversification.
Senior Vice President Jeff Algatt and Vice President Fred Null are based in Colliers’ Conshohocken, PA office. There are other stable cash flow and significant value add opportunities currently available associated with the IBS property portfolio, details can be provided upon request and qualification.
For more information, contact:
Jeff.Algatt@colliers.com | +1 610 557 0180
About Colliers International