Lancaster PA Commercial Real Estate

• 24May

  Amy’s Kitchen Cooks Up $63 Mil. Investment in Greenville, SC

  Industrial No Comments

  CoStar reports: Amy’s Kitchen, a leading maker of natural and organic convenience foods, will establish a new production facility in Greenville, SC. The $63 million investment is expected to generate more than 700 new jobs over the next six years.

  “We are pleased to move forward with our plans to locate a new facility in South Carolina, allowing us to expand production capacity and more easily and efficiently reach customers and markets all along the East Coast. Greenville County provided us with an excellent site and an existing structure suiting our needs,” said Andy Berliner, CEO of Amy’s Kitchen.

  Amy’s Kitchen will be purchasing the former Sara Lee building 1916 Piedmont Highway in Greenville. The 120,000-square-foot facility was built in 1985 and is currently under contract. Sara Lee listed the property for sale last summer at $3.8 million.

  Amy’s Kitchen will be upfitting the facility with new machinery and equipment. The company expects to begin local operations at the start of 2012.

  Amy’s Kitchen produces a wide range of natural and organic foods. The company will produce a select line of frozen entrées at its new facility in Greenville.

  Lease Up: Amy’s Kitchen Selects Greenville, SC, for $63 Mil. Investment – CoStar Group.

  
• 25Mar

  SC based Park Place keeps Lancaster, PA plant open – for now

  Industrial No Comments

  South Carolina mattress manufacturer Park Place Corp. is keeping its Lancaster County factory open while it finds a buyer for the plant, President James B. Orders III said today.

  Park Place said in January the factory at 412 Oak St. in Denver could close in March if it hadn’t found a buyer. The factory employs 50 people.

  In the past two months, buyers expressed significant interest in the Denver business — Park Place LLC — as a whole, as well as the facilities separately, Orders said. He declined to say whether the company had finalized a deal.

  “Our goal is, of course, to sell the company as an entity,” he said.

  Park Place has an agreement to make mattresses with Illinois-based Comfort Solutions for sale in the southeastern U.S. Due to the territory change, the company is reconfiguring its manufacturing footprint.

  via Central Penn Business Journal.

  
• 25Mar

  CA Firm Buys 93.7% of Lancaster Based Herley

  Industrial No Comments

  San Diego-based Kratos Defense & Security Solutions Inc. completed the first purchase of Lancaster County-based Herley Industries Inc.’s common stock, getting 93.7 percent of all outstanding shares, the company said today.Kratos’ finalized the stock purchase at the end of Thursday in the $270 million acquisition deal, and the company is launching a second purchase that will wrap up on Tuesday, it said. Remaining Herley stockholders will receive the same $19 a share as those who sold their stock in the earlier purchase, Kratos said.The first purchase represents nearly 84 percent of Herley common stock on a fully diluted basis, according to Kratos.Herley, based in East Hempfield Township, designs and manufactures microwave electronics for the aerospace, defense and medical industries.Kratos is the parent of technology, manufacturing and engineering companies that serve the defense and public safety sectors, including York County-based Gichner Systems Group that makes reinforced shelters for electronics, military personnel and transportation.

  via Central Penn Business Journal.

  
• 24Mar

  136,542 SF Lancaster, PA Industrial Sells for $3.7M

  Industrial No Comments

  CoStar Reports:  Pet Food Experts, Inc., headquartered in Cumberland, RI, purchased the property located at 180 Greenfield Road in Lancaster, PA for $3.7 million, or $27 per square foot, from Union National Community Bank in an REO Sale.  The property includes three buildings that total 136,542 square feet. Two of the smaller buildings are leased, while Pet Food Experts, Inc. will move into the largest of the buildings while expanding its distribution in the Pennsylvania area. This property offers 29 loading docks, four drive-in doors, 27-foot ceiling heights, cooler/freezer space, and rail potential located on over 21 acres of land.

  via 136,542 SF Lancaster Industrial Sells for $3.7M – CoStar Group.

  
• 03Mar

  Herley to work on $15M Air Force contract

  Industrial No Comments

  CPBJ Reports:  Lancaster County-based Herley Industries Inc. is one of three companies that will work on a $15.5 million contract to manufacture missile control systems for the Air Force, according to the Department of Defense.Herley is listed as a subcontractor to Florida-based technology company Harris Corp., according to the department.

  Harris makes control systems, known as warhead replacement tactical telemetry, for missiles fired from F-15 and F-16 fighter jets. The Air Force contract is for 135 such control systems.

  Colorado-base Ball Aerospace & Technologies Corp. also will work on the contract, according to the department.It was not clear how much of that work will be done at Herley’s East Hempfield Township facility, which employs about 300 people.Herley has a definitive agreement to be acquired by San Diego-based defense contractor Kratos Defense & Security Solutions Inc.

  via Herley to work on $15M Air Force contract.

  
• 02Feb

  Exel to close Hershey warehouse in Cumberland County, PA

  Industrial No Comments

  CPBJ Reports:  Exel Inc., a logistics management company, in September plans to close a Cumberland County warehouse that distributes products for Dauphin County chocolate maker The Hershey Co.

  Ohio-based Exel originally said the facility at 101 Commerce Drive in Silver Spring Township would close by April eliminating 86 jobs, according to a layoff notice sent to the state Department of Labor and Industry.

  However, the company has since changed its plans. By September, it will transfer most of the Cumberland County employees to a warehouse facility at 500 N. Lingle Ave. in Derry Township, Dauphin County, Exel spokeswoman Lynn Anderson said.

  via Exel to close Hershey warehouse in Cumberland County.

  
• 02Feb

  Commerce Dept Bullish on US Recovery

  Industrial, Retail, Universal No Comments

  Growth probably will continue, economists say:  Economists say solid consumer spending growth and increasing factory output in the Midwest indicate that the economy stands a good chance of continuing its expansion through the end of 2011. Industrial production in the Midwest increased to its highest level in more than 22 years, the Institute for Supply Management said. Consumer spending rose 0.7% in December compared with the previous month, according to the Commerce Department.

  via SmartBrief Story Summary.

  
• 01Feb

  What the AMB/ProLogis Merger Means for the Industrial Property Sector

  Industrial No Comments

  Grubb & Ellis reports:  Recently the two largest owners and operators of industrial real estate in the U.S. announced that they are entering into a “merger of equals.” Pre-crisis, this merger was quite unthinkable. ProLogis, the larger of the two, was expanding globally at an astronomical rate, monetizing its global portfolios through the public markets and raising billions of dollars for their funds. Merging with AMB would have been a distraction. Now, this merger, despite being quite unexpected and even shocking, makes perfect sense. AMB, currently the stronger company and considered the acquirer by some, will gain access to new global markets and customer base that ProLogis has been cultivating for a decade, while ProLogis will be able to help its deleverging effort, which has tied the company down for the past two years.
  
  Industrial Real Estate Landscape

  • In the industrial REIT space, there are five sizable pure-play industrial REITs ProLogis (NYSE: PLD), AMB Property (NYSE: AMB), DCT Industrial Trust (NYSE: DCT), First Industrial Realty Trust (NYSE: FR) and EastGroup Properties (NYSE: EGP) and two large mixed-property REITs – Duke Realty (NYSE: DRE) and Liberty Property Trust (NYSE: LRY). To put the proposed merger in perspective, AMB/PLD will have a total of just less than 600 million square feet of property versus the competition’s total of 320 million square feet. When consummated, the merged entity will be at least six times larger than their next competitor, Duke, and almost 20 times larger than the smallest member of
  this group, EastGroup.

  Full Report: Grubb & Ellis: What the AMB/ProLogis Merger Means for the Industrial Property Sector – Citybizlist Baltimore.

  
• 25Jan

  Loan Extensions Take a Bite out of TastyKake’s Independence

  Industrial, Investment No Comments

  CoStar Reports:  Tasty Baking Co. reached agreement for new public and private debt financing comprised of $2 million from the PIDC Local Development Corp., $1 million from the Department of Community and Economic Development of Pennsylvania and $3.5 million from a group of accredited investors.

  In addition, the Philadelphia-based company entered into an amendment to its credit agreement with its bank group led by Citizens Bank pursuant to which the bank group agreed to defer until June 30, 2011, all principal payments and credit facility reductions.

  This deal requires the company to pursue the sale or merger of the company by June 30, 2011.

  via Loan Extension Could Cost Tasty Baking its Independence – CoStar Group.

  
• 17Jan

  Has Philly Icon Tastykake Lost its Recipe for Success?

  Industrial No Comments

  CoStar reports: Tasty Baking Co. in Philadelphia reported that preliminary financial data available for its fourth quarter ended Dec. 25, 2010, indicates that as a result of certain production difficulties during the optimization of its new Philadelphia bakery the company did not achieve the expected operational cash savings from this bakery during the fourth quarter.

  Tasty Baking’s Liquidity Drying Up; Landlord Defers Rent for One Month – CoStar Group.

  

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