Wallpaper warehouse sells for $8.2M
A warehouse in West Manchester Township, occupied by York Wallcoverings Inc., has sold for $8.2 million. But its long-time tenants aren't going anywhere.
An affiliate of Montgomery County-based Endurance Real Estate Group LLC and Dallas-based real estate investment firm Thackeray Partners purchased the property on 2075 Loucks Road from Loucks Road Associates.
The 174,572 square-foot warehouse remains fully leased to York Wallcoverings, which uses the facility for the manufacturing and distribution of its residential wallpaper, commercial wallcoverings and wall decals.
Dave Bode, managing partner at Rock Commercial Real Estate LLC, represented the seller in the transaction.
Located across the street from the Wyndham Garden York hotel, the warehouse was built in 1980 and expanded in 1986 and 1995.
The warehouse’s proximity to Route 30 and its access to Interstate 83 are among the reasons Endurance acquired the property, said Jared Newman, vice president of acquisitions at Endurance.
"This purchase, along with our recent purchase of Penn Warner Industrial Park in Bucks County, is consistent with our strategy of acquiring highly functional industrial assets in superior locations. We continue to seek additional acquisition and development opportunities in the industrial space," Newman said in a statement.
Endurance has also purchased other properties in Central Pennsylvania, including a bulk warehouse at 485 St. Johns Church Road in Hampden Township, Cumberland County, which is still being redeveloped, as well as a warehouse at 325 S. Salem Church Road in West Manchester Township. That warehouse was subsequently leased to Target Inc.
As for York Wallcoverings, the company’s CFO and COO Bob Vucenovic says things remain business as usual and the company has no plans to relocate its manufacturing operations on Loucks Road.
The company’s York City factory store, which is attached to its factory at 750 Linden Ave., closed in November. Since then, York Wallcoverings has been renovating the space with the intention of opening a showroom geared toward its higher-end clientele, said Vucenovic. The showroom will have a more contemporary and urban look instead of the dated 1980s look it had previously and will feature several kiosks to place orders online, he said.
The showroom’s hours of operation have not been solidified, but it will likely be open on a limited basis to the public. Vucenovic anticipates that the showroom will be open by the end of the year of the first quarter of next year.