Real Estate Journal — Pennsylvania — February 12 -25, 2016 — 21A
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M id A tlantic
P ennsylvania Cushman & Wakefield’s Blinebury reps. D&D Dist. Al l i ance HSP acqui res +560,000 s/f ind. portfolio Y ORK, PA — Alliance Partners HSP, LLC (Alliance HSP) , a pri-
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vate real estate investment and operating company, an- nounced the acquisition of two industrial properties in York, totaling 566,000 s/f. The purchase, redevelopment and subsequent leasing of these buildings is the most recent in a series of industrial acquisi- tions by the company totaling two million s/f. With respect to the York transaction, Alliance HSP purchased distribution facili- ties at 2925 East Market St. and 789 Kings Mill Rd. from D&D Distribution, compris- ing 386,000 s/f and 180,000 s/f, respectively. As part of the transaction, Alliance HSP entered into a full building, three-year leaseback agree- ment with D&D Distribution at 789 Kings Mill Rd. In ad- dition, during due diligence, Alliance HSP entered into a long-term lease totaling 250,000 s/f with Stauffer’s Biscuit Company, a long-term logistics customer of D&D, at 2925 East Market St. As a result of these transactions, the combined 556,000 s/f in the two buildings was approxi- mately 75 percent leased when acquired by Alliance HSP. “We were faced with the need for a large capital investment in a tight money market, and we decided to approach Alli- ance HSP largely based upon their reputation for providing creative solutions to compli- cated acquisitions,” said Gene Burchette , chairman of the board at D&D Distribution. “Faced with environmental is- sues, tenant leases, and a sale and leaseback challenge, these creative solutions were pro- posed, negotiated, and resolved in an expedited manner.” Alliance HSP has already begun the capital improve- ment plan at 2925 Market St., and anticipates an April 2016 completion date. Gerry Blinebury of Cush- man &Wakefield represented D&D Distribution in the trans- actions, and Blinebury, Pat Mc- Bride, Samantha Kennedy and Tyler Hoover, also of Cushman &Wakefield, are han- dling the leasing assignment. “We believe it’s a good time to market a well-located, institutional-quality block of industrial space in York County,” said Matt Handel, Director of Acquisitions for Alliance HSP. n
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Tier 1 firm in three practice areas, and Tier 2 firm in three practice areas.
Lancaster York Reading Hanover Malvern Hunt Valley
789 Kings Mill Rd.
FOR SALE
Broker of Record: Richard Oller Lic. # 5000603
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Corey Lonberger, Managing Partner corey@rittenhouserealty.com
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For information visit www.RittenhouseRealty.com or call (215) 454-2852
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