Kyle McKechnie and Steve Willems of NAI Keystone Facilitated the Sale of Two Redevelopment Properties
Kyle McKechnie and Steve Willems of NAI Keystone Commercial & Industrial, LLC, have facilitated the sale of two redevelopment properties at Willow and Canal Streets in Reading, PA. Formerly called the “Reading Hardware” building, they are prominent along Reading’s riverfront. Clothier “Bill’s Khakis” is headquartered in the Willow Street building. Seller Peg McShane elected to sell the site after her husband and developer William “Bill” McShane passed away in 2013.
The buyer was MIMI Realty Corp., a real estate company with interests in New Jersey and New York. Principal Chin Lee said they were drawn to Reading by the opportunity to realize growth through the redevelopment of the 7-story building while enjoying the stable rent roll and strong rental history of the fully developed “Bill’s Khaki’s Building”.
McKechnie and Willems are currently negotiating with several businesses for space in the 7-story Reading Hardware building and have had positive discussions with the Reading Redevelopment Authority for their help in future development. The entire property was sold with exception of the Canal Street Pub and Restaurant which is owned by the Bausher family.
NAI Keystone Commercial & Industrial, which maintains a prominent market share in Berks and Schuylkill Counties, Pennsylvania, specializes exclusively in commercial and industrial properties. In addition to property management and receiverships, NAI Keystone provides brokerage services such as Tenant/Landlord and Buyer/Seller representation, lease administration, commercial financing, consultation services, 1031 Tax Exchange, environmental surveys, and investment sales.
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