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newmark knight frank kevin mcgowan industrial philly value-add
Newmark Knight Frank's Kevin McGowan provided another view on Philly industrial. He says the burst in activity in the I-81 corridor—made up of Northeastern and Central PA submarkets—is trickling down to the Philly region. But there's been little construction given the impact of the Great Recession (despite recent launches of spec deals with Liberty Property Trust). With that, Kevin says potential tenants may be forced to retrofit older properties, which is making the value-add sales market stronger.
valley forge flag kevin mcgowan newmark knight frank 1700 conrad weiser womelsdorf
Kevin has two properties for sale—a soon-to-be former Verizon 20k SF office building at 3331 Gulton Road and this property, a 190k SF industrial facility at 1700 Conrad Weiser Pkwy in Womelsdorf, formerly used by Valley Forge Flag. Kevin says value-add investors are finally coming off the sidelines, especially as institutional investors bid up on core assets with strong existing tenant leases in the “global search for yield."
Related Topics: Central PA, Kevin McGowan