Prime Investment Opportunity: Commercial Office Buildings, Commercial/Industrial Land Adjacent to Urban Outfitters Recently Announced $105 Million Development
GAP, PA, October 17, 2013 – A highly-recognized portfolio of prominent commercial, industrial and/or residential property in Lancaster County, PA will be offered for sale via both live and sealed-bid auctions on December 5th and 11th, 2013.
The portfolio sale, borne out of the seller’s planned corporate relocation, creates a unique and one-time opportunity to acquire real property and value-add assets at market-driven price points.
The portfolio includes three income-producing commercial buildings, 91.4 acres of improved development land zoned for commercial and industrial use in the final subdivision approval stages, as well as two luxury homes and a residential development site, according to Madison Hawk, the national real estate firm specializing in Structured Accelerated Sales which has been retained by the owners to conduct the auction.
The well-located properties are situated on Lincoln Highway (Route 30) in Gap, PA, directly across the street from the site where Urban Outfitters will develop a $105 million e-commerce fulfillment center in Lancaster County’s Salisbury Township. The publicly traded retail company announced its plans last week with Pennsylvania Lt. Gov. Jim Cawley to develop the 1.2 million square-foot project in Gap. Scheduled to break ground this November, the complex is expected to generate 500 new jobs and could eventually add as many as 1,500 new jobs.
The properties to be sold at auction in Gap are owned by Jonas and Anne Beiler, founders of the world-famous Auntie Anne’s Pretzels which started as a modest pretzel stand in 1988 to fund free counseling services to families and couples in their community. By 2005, the company grew to include over 1,000 franchises in the U.S. and overseas. The Beilers sold their Lancaster County-based company in 2005 to expand their philanthropic initiatives. This included the acquisition of a sprawling 120-acre site on Lincoln Highway in Gap which they conceived as Houston Run, an integrated community to include a community center, a regional medical center and a mixed-use residential complex. To date, the Beilers have completed and put into operation The Family Center of Gap which is occupied by a host of not-for-profit organizations. They’ve also completed a medical office building, a community water treatment plant, a self storage facility and extensive infrastructure improvements to support the development of the remaining 91 acres of land which are in the final subdivision approval stages for commercial and industrial development.
The Beilers have decided to sell their properties in preparation for their 2014 relocation from Gap, PA to Texas where they will pursue new philanthropic and business endeavors.
“This is a unique opportunity for an investor or owner to acquire well-regarded properties with substantial upside in an area experiencing growth and considerable investment,” notes Jeff Hubbard, President of Madison Hawk. “The decision by Urban Outfitters, a global retailer, to expand its operations near Gap and create hundreds of new jobs underscores the confidence the business community has in this area and certainly adds to the economic viability of the Houston Run development.”
The commercial and industrial properties to be offered at the Auction include:
- Houston Run Development Land: 91.4 acres of fully improved commercial and industrial land with an operating water utility and Route 30 frontage. Final subdivision is expected by October 22, resulting in five distinct lots. The property will be offered in a sealed bid offering;
- 835 Houston Run: A 52,563-square foot Class A multi-use commercial building currently operating as the Family Center of Gap. The projected net operating income of the building is $367,000. The building has a replacement cost of over $7,000,000 and it will be offered via sealed bid auction;
- 836 Houston Run Drive: A 52,562-square foot Class A medical office building with a replacement cost of $7,000,000, the building is being offered with a suggested opening bid of $1,900,000;
- The Ellmaker House, 5380 Lincoln Highway: A 6,000-square foot completely restored historic home currently operating as the Beiler family real estate company’s and charitable foundation’s corporate headquarters. With its direct frontage on Route 30, the property is ideal for an owner/user to operate as professional offices. The property has previously served as a Bed and Breakfast for Auntie Anne’s executive employees and corporate clients. The building will be offered fully furnished and will be sold Absolute Regardless, of Price in an open outcry auction.
Residential properties included in the offering are:
- 941 Timberline Drive: A six-bedroom, five-bathroom residence on 2.78 acres. The home was built for entertaining both corporate clients and family, featuring; a custom chef’s kitchen, huge living/entertaining space both inside and outside, basement apartment, three-car attached garage and large shop/garage out-building. Previously priced at $925,000, the home will be offered subject to a suggested opening bid of $300,000;
- 10.37-acre wooded lot zoned residential that will be offered separately subject to a suggested opening bid of $150,000;
- 863 Brackbill Road: No expense was spared on this custom built 5,600 square-foot home built within a 19th century farmhouse. Beautiful chef’s kitchen, custom electronics and mechanicals bring every modern amenity to the charm and tranquility of the countryside. The home features four plus bedrooms, four bathrooms and a finished basement situated on 5 beautifully landscaped acres with heated in-ground saltwater pool and spring-fed creek and pond. Also included is a restored 9,000 square-foot barn, currently producing $2,900 of monthly income as well as a new manufactured home for generating additional income. The property will be offered in a sealed bid offering.
“We genuinely love our community,” said Anne Beiler, who has become a sought-after speaker at national and regional conferences sponsored by a wide range of civic, religious and business groups. “From here, we launched a company that went worldwide, a feat largely achieved because Lancaster is a great place to do business. The residents here are smart, hard-working and loyal, with great integrity. We admire this community and our neighbors, and will always cherish the relationships we’ve established here. We’re now looking forward to the next chapter in our lives in Texas where we’ll live close to our youngest daughter and her family, and will actively pursue new opportunities and experiences.”
Mrs. Beiler added that the Beiler family, along with the Board and staff of the Family Center, are committed to helping it transition through the sale to ensure that the community continues to benefit from its supportive services.
For properties offered in the Sealed Bid format, bids will be due December 5, 2013 to the offices of Madison Hawk Partners, 575 Lexington Ave, Suite 4017, New York, NY 10022. The properties’ live auction will take place on December 11 at 3:00 p.m. EST at the Doubletree Resort by Hilton Lancaster located at 2400 Willow Street Pike, Lancaster, PA 17602 On-Site inspections will be available for all properties, please visit the auction website located at www.madisonhawk.com/auctions/Gap for dates and times. A detailed Due Diligence Packet is available and contains specific information related to the properties, the auction and the terms of sale.
For more information, please call (800)-547-1045, or visit www.madisonhawk.com/auctions.
About Madison Hawk
Madison Hawk is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; apartment buildings, office buildings, industrial buildings, shopping centers, development land, condominium developments, luxury homes and other special purpose properties. www.madisonhawk.com