Wednesday, August 7, 2013

Woodmont Properties, AEW Capital Purchase 1.5M SF in Middletown

AEW Capital Management, in a joint venture with Woodmont Industrial Partners, acquired the Capital Business Center - a six-building, 1.55 million-square-foot industrial complex near Harrisburg International Airport, from Eaton Vance Investment Managers. 

The new owners plan to demolish two circa 1950s vintage buildings and replace them with two LEED-certified, class A warehouse facilities totaling 530,000 square feet. There will be significant capital improvements to other buildings to bring them up to current institutional standards. The center was also renamed Capital Logistics Center to better reflect its strategic location next to Harrisburg International Airport. 

Of the six properties that comprise Capital Logistics Center, three of them are 100 percent occupied, one is at 28 percent occupancy and the other two will be redeveloped. In a premier location, the Capital Logistics Center fronts the PA Turnpike is less than two miles from the Harrisburg East Interchange. It is also located within five miles of I-81 near Routes I-283, I-83 and 322.

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