February 27, 2025

Reading, PA – Commercial Development Company Inc. (CDC), a leading North American commercial real estate and brownfield redevelopment company, today announced, on behalf of a CDC managed affiliate Anoread LLC, the sale of a 19.4-acre former paint manufacturing site in Reading, PA to the Berks County Industrial Development Authority (BerksIDA) who will work with Shuman Development Group to develop the property into a new, productive asset for the Reading community.

Shuman Development Group plans to build a retail shopping center on 14 acres, while BerksIDA will develop the remaining 5 acres for industrial use, consistent with neighboring commercial properties.

Over the past two years, CDC has worked with BerksIDA, Shuman Development Group, and the Pennsylvania Department of Environmental Protection (PDEP) to design a remediation plan for the property, approved by PDEP in December 2024. Under the terms of the sale agreement, Anoread LLC will now implement remediation activities to Act 2 cleanup standards for commercial and industrial reuse with significant support from BerksIDA.

Prior to CDC’s involvement at the property, the site operated for over a century as a chemical and paint manufacturing plant. In 2007, the facility ceased production and by 2010, all 45 buildings onsite were demolished. After sitting unused for nearly a decade, Anoread LLC purchased the property in 2016 and initiated a long-term remediation plan. Now, with the support and efforts of BerksIDA and Shuman Development Group, this long-vacant property will be transformed into a new economic hub that will generate jobs, tax revenue, and new opportunities for the Reading community.

“This transaction represents a significant milestone in our efforts to transform this long-dormant industrial property. Our team was able to successfully assume and manage the long-term environmental liabilities at this property and create a pathway to transition the site to a buyer who will develop the property,” said Mark Hinds, Executive Vice President at Environmental Liability Transfer, Inc.

Retail Center Development Rending, Courtesy Shuman Development Group

The Reading property is split by a rail easement, which will work to the redevelopment plans’ advantage. Shuman Development Group intends to develop the lower 14 acres adjacent to the homes south of Bern Street for a retail shopping center, while the 5.4 acres north of the tracks and adjacent to other industrial properties will be redeveloped by BerksIDA for commercial and industrial use, according to the respective companies. Located near Reading’s First Energy Stadium, this site has excellent access to rail, highways, and will be an excellent location for these development plans. The site is located at 301 Bern Street in Reading, PA.

“Recognizing the City’s potential and the strength of strategic partnerships, BerksIDA is making this significant investment to revitalize this major site,” said Eric Jenkins, BerksIDA Board Chair.

While BerksIDA has supported projects in the City, including environmental review of the Penn Optical site and financing of St. Joe’s Hospital and the AW Golden redevelopment, this marks its first-ever land acquisition and development within the City.

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About Commercial Development Company, Inc: Commercial Development Company, Inc. (CDC) is a privately-held, diversified real estate acquisition and development firm whose principal competency lies within the acquisition, repositioning, and redevelopment of underutilized, distressed or environmentally-challenged properties. CDC has purchased and developed over 50-million-square feet under roof located on over 300 sites throughout the United States and Canada. For more information, visit www.cdcco.com.

About Environmental Liability Transfer, Inc: Environmental Liability Transfer, Inc., (ELT), an affiliate company of Commercial Development Company, Inc., is a comprehensive, environmental liability assumption company providing its clients complete and final environmental liability transference services. ELT has successfully assumed and abated over $2 billion in corporate environmental liability throughout North America. For more information, visit www.eltransfer.com.

About Berks County Industrial Development Authority (BerksIDA): The Authority is a leader in transformational development projects, tackling difficult sites within the County to restore their economic and community value. BerksIDA’s mission is to promote collaborative, long-term, quality job creation and retention in Berks County through site development, redevelopment and support, financing programs, and access to government funding. As part of the Imagine Berks plan, BerksIDA provides land development, financing, and infrastructure services on behalf of Berks County. If you would like more information about the Berks County Industrial Development Authority, please go to www.berksida.com.