Skip to main content Skip to footer

Colliers Team Concludes Two Colorful Investment Sales

IBSSales_1536x1040Hero

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.  

IBSSales_Inline_2025Edgewood
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. 

IBSSales2_Inline_39Chestnut
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

Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. 

Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn

 

Download PDF  |  View all Philadelphia News


Related Experts

Jeff Algatt

Senior Vice President

Conshohocken

Jeff is a successful, seasoned intermediary between buyers, sellers and capital sources of investment real estate, always beginning with a thorough understanding of each client’s goals, expectations and needs. He evaluates and underwrites each client's situation in the context of relevant market data and conditions from 30,000 feet down to street level granularity. If the client decides a transaction is warranted, Jeff assembles and leads the best available team of professionals to achieve the client’s objective.

WHY CLIENTS ENGAGE JEFF'S SERVICES:  He is honest, organized, diligent, responsive and a good listener.

View expert

Frederick Null

Vice President

Conshohocken

Fred joined Colliers in 2017 and specializes in the areas of real estate brokerage / advisory services for land, land entitlements/development, solar energy and special projects.

View expert