S hopping C enters P ennsylvania
M id A tlantic Real Estate Journal — Pennsylvania — September 17 - October 21, 2021 — 11B
www.marej.com
York Logistics Hub trades for $73 Million in Yorks JLL Capital Markets closes sale of industrial com- plex & arranges $48.2Macquisition loan for owner
ORK, PA — JLL Capi- tal Markets has closed the $73 million sale of and secured a $48.2 million ac - quisition loan for York Logistics Hub, a three-building complex comprising 1.4 million s/f of industrial and manufacturing space within the Pennsylvania community of York. JLL marketed the property on behalf of the seller, Patriot Equities . SK Realty Man- agement purchased the asset. Additionally, working on behalf of the new owner, JLL placed the three-year, floating-rate acquisition loan with a regional bank. The 72.5%-occupied York Logistics Hub comprises the South Campus, North Cam- pus and West Office Tower, which, together, are home to 13 tenants. South Campus is a 743,413 s/f industrial facility anchored by Johnson Controls, which occupies 71% of the building for its mission-criti- cal manufacturing operation. North Campus is a 548,632 s/f industrial warehouse facility with redevelopment potential. South and North Campus fea- tures clear heights ranging Y
Harrisburg and within the Cen- tral Pennsylvania Industrial market. This infill location al- lows tenants to reach 412,401 residents within a 30-minute drive, along with the access to over 40 percent of the U.S. population, six of the top 10 U.S. MSA’s and more than 50% of the Canadian population all within a day’s drive. The JLL Industrial Capital Markets team representing the sellers is led by senior manag- ing director John Plower and director Ryan Cottone , along with Jeff Lockard with JLL Industrial Brokerage. The JLL Debt Placement team representing the bor- rower included senior manag- ing director Chad Orcutt and director Michael Pagniucci . “York is a fantastic industrial location, as it has a strong labor base and good connectivity to Harrisburg and Baltimore,” Plower said. “The sales process saw very strong interest from a wide array of investors and developers, given the great in-place cash flow with the potential in the future for re- development of new class A warehouse.” MAREJ a powerful lineup that includes Old Navy, Ross, DD’s Discount, PetSmart, Pep Boys, and Dollar Tree,” Nathanson continued. “Northeast Tower Center is a generational opportunity to control 30 acres on Roosevelt Boulevard, in a prime location in Philly, the sixth-largest city in the United States with an economy lead by education and healthcare.” “Investor sentiment for best- of-class shopping centers is thriving, given their resil- iency during the pandemic and strong rebound post-COVID,” concluded Nathanson. “Retail- ers faced the challenges of the last 18 months and came out stronger, boosting investor con- fidence in retail.” Sean Beuche, license No. RM424190 is Mar- cus & Millichap’s broker of record in Pennsylvania. MAREJ
photo credit: John Jenks
York Logistics Hub
from 15 to 46 feet, 34 loading doors, 27 drive-in doors, 12 in- terior loading doors and ample parking. TheWest Office Tower
Situated at 601, 621 and 631 S. Richland Ave., York Logistics Hub is in York, a south-central Pennsylvania community near
is a 116,255 s/f, multi-story of- fice tower with the potential to redevelop into a class A indus- trial property.
Iconic 500,000 s/f regional shopping center anchored by Walmart sold by Institutional Property Advisors
PHILADELPHIA, PA — Institutional Property Ad- visors (IPA), a division of
Mar cus & Mi l l i c h a p a n n o u n c e d the sa l e o f N o r t h e a s t Tower Cen- ter, a 500,000 s/ f regional shopping cen- ter located at
Brad Nathanson
4600 Roosevelt Blvd. Para- mount Realty Services was the seller in the transaction. The center is located within the city limits of Philadelphia on 12-lane Roosevelt Blvd., which has traffic counts in excess of 93,000 cars per day. Constructed in 1996 as the re- tail destination serving Lower Northeast and North Philadel- phia, Northeast Tower Center
4600 Roosevelt Blvd.
tenancy and is one of the most heavily visited centers in the greater metro area, with over six million visits over the past
year,” said Brad Nathanson , IPA senior managing director. “In addition to the strong anchors, Northeast Tower has
is anchored by Walmart and Home Depot. “Northeast Tower Center benefits from best-in-class
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