Lansdale, PA — Newmark announced over 200,000 s/f of transactions totaling $12.86 million closed in Lansdale, Pennsylvania in the last five weeks. The transactions include two leases at the Pennbrook Business Center–a new, 128,000 s/f industrial lease at 1180 Church Rd. and a 40,450 s/f office lease renewal at 1400 Pennbrook Parkway–and the sale of the 32,500 s/f flex building at 205 Church Rd.
Newmark managing director Justin Bell represented the tenant, Hughes Relocation Services, Inc., in the lease at 1180 Church Rd., by landlord Velocity Venture Partners; the landlord, Patriarch Management LP, in the lease to tenant, Johnson Controls, Inc., at 1400 Pennbrook Parkway; and the seller, Triumph Controls, LLC in the transaction of 205 Church Rd. to buyer, Alpha Strata, LLC.
According to Newmark Research, the Montgomery County submarket has been a significant beneficiary of accelerating industrial activity across Southeastern Pennsylvania. Tenant demand from a diverse group of industrial occupiers has trimmed vacancy in Montgomery County’s inventory by 60 basis points over the past year, to 6.7% in the first quarter of 2021. In turn, tightening market conditions drove rent growth of 31.0% over the same period, and new development has broken ground to meet occupier needs for space.