LEWISBERRY, PA, June 9, 2017 - Cushman & Wakefield orchestrated the sale of six flex buildings that comprise Fairview Industrial Park from Allegiancy of Richmond, VA, to Louisville, CO-based Real Capital Solutions.
The buildings, 509, 515 and 540 Industrial Drive and 621, 629 and 631 Distribution Plaza, total 270,168 square feet and sold for $11.75 million, said Cushman & Wakefield Executive Director Gerry Blinebury, who represented Allegiancy and led the Central Pennsylvania team of Robert Yoshimura, Joseph Hill, Jr. and Pat McBride.
"Fairview Industrial Park is 80 percent leased and the properties have some older construction features, so the new owner will have opportunity to make improvements, making this a good value-add investment," Blinebury said. "This transaction demonstrates the increased appetite for flex product in central Pennsylvania from the investment community. The growth in bulk distribution centers is driving additional demand for well-located industrial flex products." Tenants also enjoy good access to major highways.
"The park is in the Central Pennsylvania submarket within the I-81/I-78 distribution corridor and offers exceptional visibility and direct access to I-83 at the Fairview exit. It is across the street from a regional FedEx hub, which is a primary driver for tenants to locate there," said McBride. "It has a very diverse mix of tenants, from construction companies to R&D operations to quasi-industrial, retail and some manufacturing."
About Cushman & Wakefield
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.
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