Denholtz Associates Completes Two New Flex Lease Transactions in the Pennsylvania Marketplace
DENHOLTZ ASSOCIATES COMPLETES TWO NEW FLEX LEASE TRANSACTIONS IN THE PENNSYLVANIA MARKETPLACE
- Positive momentum expected as market continues to rebound -
Denholtz Associates, a New Jersey-based real estate development company, is pleased to announce the recent completion of two new flex lease transactions in the Pennsylvania marketplace during in the first quarter of 2011, which totaled 23,200 square-feet.
More specifically, Focus Fiber Solutions, a full service company that provides infrastructure support to growth-oriented telecommunications companies, signed a 16,800 square-foot lease at 969 Postal Road in Allentown, P.A. In addition, RestoreCore Inc, a company that restores homes, businesses and lives after a catastrophe, signed a 6,400 square-foot lease agreement at the same property. Coldwell Banker Feist & Feist Realty Corp. represented the landlord and tenant in both transactions.
“We closed the first quarter of 2011 with a significant up-tick in leasing activity across our entire portfolio, as liquidity slowly returns to the marketplace and tenants are now able to access the capital needed to relocate to higher quality assets that are well-located,” stated Stephen Cassidy, President of Denholtz Associates. “We remain optimistic about our continued success in completing deals as the market rebounds and we expect to see this positive momentum continue throughout 2011 and into 2012.”
Situated on 5.9 acres in Allentown, P.A., 969 Postal Road is a high-quality 64,800 square-foot office/warehouse facility, which is part of Lehigh Valley Industrial Park, a highly successful 1,000 acre, 10 million square foot planned industrial development consisting of over 80 buildings. The property is centrally located adjacent to Lehigh Valley International Airport near the intersection of Airport Road and U.S. Route 22, the region’s major east-west local highway. Other major highways converging on the facility include Route 78, PA 33 & PA 309.
“Lehigh Valley, and particularly Allentown, has consistently delivered favorable returns due to low rental rates and its convenient location near Philadelphia and New York City, which continue to make it one of the most desirable office corridors in the Northeast,” addedKristine B. Hurlbut, Senior Vice President of Leasing for Denholtz Associates.
About Denholtz Associates
Denholtz Associates is a privately held development, investment and management company active in office, industrial, flex and retail real estate. Headquartered in Matawan, N.J., Denholtz Associates maintains offices in Atlanta, Chicago and throughout Florida and New Jersey. The Company currently owns and manages a national portfolio of over five million square feet of commercial real estate. For more information on Denholtz Associates, visit www.denholtzassociates.com or contact Michael Beckerman, president of Beckerman, at (201) 465-8000.