Mid Atlantic Real Estate Journal — Pennsylvania — March 15 - 28, 2013 — 11C
C entral PA
HAMBERSBURG, PA — WCN Proper- ties has awarded com- C The Harrisburg-based team of Blinebury, McBride, Campbell, Wilson & Balerno Cushman & Wakefield awarded leasing and sales agency for I-81 portfolio
capacity through the ability to double stack containers. Complimenting the proximity to these intermodal facilities, many of the portfolio’s sites and all of its existing build- ings are directly rail-served. The portfolio’s existing build- ing stock currently has “very little vacancy,” said Bline- bury. Much of that stock is occupied by an affiliate of the property’s ownership and op- erated as public warehousing, including Franklin Storage. Other major tenants include Pearl Drum, Martin’s Potato Rolls, and OHL. The development sites cur- rently are in various states of entitlement. “Some are fully entitled, some are pending approvals, and other sites are raw land, so the portfolio has a great deal of flexibility,” said Blinebury. “We are also handling a 20-acre retail pad in the middle of the portfolio. It is designed for a multi-ten- ant shopping center, but we would also entertain single big-box use.” The offering comes at a time of heightened activity in the I-81 corridor, including three
build-to-suits underway in Pennsylvania and to the south in Virginia. Also, World Kitchen recently renewed for one million s/f in nearby Greencastle, a transaction that includes $10 million of upgrades. Cushman & Wakefield recently completed the sale of 1475 Nitterhouse Drive in Chambersburg, an 860,000 s/f building occupied by Kmart, acquired by Cabot Properties. “All of this clearly dem- onstrates the investment community’s appetite to in- vest and re-invest within this market,” said Blinebury. Cushman & Wakefield’s in- dustrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transactionmanage- ment, and industrial consult- ing including labor and de- mographic analysis. In 2011, in the U.S. alone, this group completed more than 6,100 industrial real estate transac- tions - totaling 225 million s/f - with an aggregate value in excess of $6.5 billion. n
mercial real estate services firm Cushman&Wakefield, Inc. the leasing and sales agency for its I-81 Portfolio, consisting of more than one million s/f of existing in- dustrial buildings and 400 undeveloped acres in Cham- bersburg and surrounding Franklin County. The Har- risburg-based Cushman & Wakefield team of Gerry Blinebury , Pat McBride , Adam Campbell , John Wilson and Leah Balerno is handling the assignment. The properties are owned by a series of partnerships af- filiated with the Nittterhouse family, including WCN Prop- erties and Franklin Storage. “Ownership has decided to proactively market the prop- erties to end-users, investors, and to developers prepared to move these development sites forward,” said Blinebury. “We are already seeing a great deal of interest in these of- ferings and are very bullish on the prospects.” The buildings and sites
I-81 Portfolio Rendering “Ownership has decided to proactively market the properties to end-users, investors, and to developers prepared to move these development sites forward,” said Blinebury. “We are already seeing a great deal of interest in these offerings and are very bullish on the prospects.”
Nearby is Norfolk Southern’s new $105 million intermodal facility in Greencastle, which will be fully functional within weeks. Also nearby is CSX’s existing intermodal facil- ity in Chambersburg which will soon have additional
are situated along the busy, multi-state I-81 corridor. Each of the properties is located at an interchange of I-81, and many have highway frontage. “These are some of the premier sites along I-81,” said Blinebury.
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