Section B of the Mid Atlantic Real Estate Journal P ENNSYLVANIA Blinebury, McBride, & Campbell of Cushman & Wakefield rep both buyer & seller Woodmont Industrial Properties acquires 180,333 s/f property for $5,000,000 S HOPPING C ENTERS
N
parking and 20 trailer spaces. Woodmont plans to imme- diately invest $500,000 for renovations before returning the currently vacant building to the market in early 2013. “We view this acquisition as a tremendous value-add oppor- tunity because the property is one of a handful of free-stand- ing warehouse/distribution facilities of 150,000-250,000 s/f that are immediately avail- able in the active Harrisburg region,” said Eric Witmondt , principal of Woodmont Indus- trial Partners. “This location allows access to over 35% of the U.S. population and 50% of Canadian consumers within a one-day truck drive containing more than 105 million square
Logistics Center located at 111 Cokesbury Road in Clinton, N.J. earlier this year and the ownership recently completed an improvement program to transform the facility into a state-of-the-art regional dis- tribution center for compa- nies that service customers throughout the Northeast. Among the capital improve- ments was the addition of 36 dock doors bringing the total to 84 doors, which equates to one door per 8,700 s/f of build- ing area. Other improvements included are the installation of T8 lighting, upgrading the HVAC, installation of an ESFR sprinkler system, painting, repaving and restriping the loading areas. n
EW KINGSTOWN, PA — Woodmont In- dustrial Partners
announces the acquisition of the 180,333 s/f 34 East Main St. in New Kingstown from Lexmain Realty Ventures . Gerard Blinebury, Jr. , Pat McBride and Adam Camp- bell of Cushman&Wakefield in Philadelphia, PArepresented both the buyer and seller in the transaction. Built in 1981, the food-grade warehouse is strategically located on Route 11 near the Pennsylvania Turnpike (I-76) and I-81 in Central PA. The rail-serviced property has 20 loading docks, 10 rail doors, a 24-foot ceiling height, 1,200 amps of power, 40 surface
New Kingstown, PA
feet of inventory. “These features will be very attractive to tenants and after the renovations are completed, this property will dovetail nicely with our recent purchase of the 1-78 Logistics Center containing 729,000 s/f on Route 78 in Clinton, NJ,” Witmondt said.
34 East Main is the second ac- quisition in 2012 for Woodmont Industrial Partners, which earlier in 2012 formed a joint venture with AEW Capital Management, L.P. (AEW) to acquire industrial properties in seaport and inland port mar- kets along the Eastern U.S. The venture acquired I-78
To Practical Administrative Solutions RIDC announces the sale of 260 Alpha Drive for $1,060,000
JANUARY 11 - 24, 2013
HI-LIGHTS
O’HARA TOWNSHIP, PA — RIDC announces the sale of 260 Alpha Drive to Practical Administrative Solutions, LP for $1,060,000. The building, located in the RIDC Park in O’Hara Township inAllegheny County, is 10,200 s/f and sits on 1.41 acres of land. Movie productions used this build- ing most of the past year, and previously, it was the head- quarters for Zambrano Con- struction. Grane Hospice Care and Grane Home Health Care will be leasing the facilities in order to meet the demands of their recent market expan-
Berger & McDermott of NAI Comm’l rep seller in $1.35m sale
Daniel A. Berger, CCIM, SIOR and Thomas M. Mc- Dermott, CCIM, SIOR of NAI Commercial Partners Inc. , represented the seller, Metro Bank in the sale of an 11,108 s/f office building and 5,640 s/f warehouse. See page 2B. A 385,000 s/f industrial property located in Kutz- town has traded hands in a $21.3 million sale or- chestrated by Cushman & Wakefield, Inc.’s Capital Markets Group . See page 5B.
260 Alpha Drive
sions. “We continue to grow and develop new markets within Pennsylvania, and we need additional resources to sup- port our current and planned expansion plans,” said William Gallagher , C.O.O. of Grane Hospice Care. “In addition to our hospice program, we’ve
added a home health care component in 2010 and it is ex- panding into markets currently being served by our hospice.” RIDC purchased the land in O’Hara Township in 1963 to develop one of the first master- planned industrial parks in the country. n
Cushman&Wakefield inks sale of LV Industrial asset for $21.3m
Mark Taylor Dean Zang
Christopher Munley Derrick Dougherty
Shopping Center & Net Lease Sales Specialists
ALSO INSIDE:
Philadelphia, PA Office: 215.531.7000 Washington, D.C. Office: 202.536.3700
E ASTERN PA S POTLIGHT ............................................... 5-10B P EOPLE & C OMPANY N EWS ............................................... 11B CREW L EHIGH V ALLEY ...................................................12B PA P ROJECT N EWS ...................................................... IBC-B
www.TaylorZangMunley.com
www.marejournal.com
Made with FlippingBook - Online Brochure Maker