Cushman & Wakefield's National Industrial Advisory Group (IAG) has orchestrated the $76.1 million sale of Capital Logistics Center in Middletown, Pennsylvania. The five-building industrial portfolio was acquired by an affiliated entity of Dermody Properties from a joint venture partnership of Woodmont Industrial Partners and AEW Capital Management, on behalf of one of its closed-end funds.
Cushman & Wakefield's IAG Northeast Region leads Gerry Blinebury, executive director, in Harrisburg, and Gary Gabriel, executive vice president, in East Rutherford, represented the seller. The buyer was represented in-house.
Capital Logistics Center's five adjacent buildings total 1,296,494 square feet and are 74 percent occupied. An additional 133,800 square feet remains available for development. Strategically located in the heart of Central Pennsylvania's I-81 distribution corridor, the property offers exceptional accessibility to vital roadways including I-81 and the Pennsylvania Turnpike.
"This transaction represents a multitude of asset classes including stabilized core product, vacant value-add product and additional land development," said Blinebury. "In addition to the highly desirable location, extensive renovations completed by Woodmont/AEW leave the assets well-positioned for the user community, as evidenced by a major food distributor's recent decision to occupy 400,000 square feet of class A space."
Ideally positioned in the fast-growing and densely populated "Golden Triangle" region of the Central PA submarket in Dauphin County, Capital Logistics Center offers employers accessibility to an expansive and diverse labor pool. Tenants also benefit from the County's strong demographics, including population growth of 8.1 percent from 2000 to 2016.
In addition, the Park's proximity to major supply chain distribution centers for FedEx and UPS Ground facilities as well as the Harrisburg International Airport make it an ideal choice for firms looking to locate or relocate their distribution centers in this thriving industrial submarket.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients' ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.