CapLease Receives 1M-SF Nestlé Renewal

CapLease, Inc. (NYSE: LSE) executed a lease renewal with Nestlé Holdings, Inc. for its 1,045,153-square-foot industrial property at 555 Nestle Way in Macungie, PA.

The lease will commence on January 1, 2013 for a term of five years. Contract rent is $ 4.40 per square foot, increasing 3% per annum.

Nestlé’s distribution building was constructed in 1994 on 86 acres in the Lehigh Valley Industrial submarket of Philadelphia.

CapLease…
National Commercial Real Estate News From CoStar Group