by Steve Lubetkin Staff Writer for GlobeSt.com
Woodmont Industrial Partners has sold 34 Dauphin Drive to Exeter Property Group for $8 million. WIP acquired the 180,333 square-foot, rail-served distribution center in November 2012 and after completing extensive renovations, leased the facility to Allen Distribution, a third-party logistics provider.
WIP completed an intensive 6-month rehab, upgrading the building to modern standards, including the incorporation of an ESFR Sprinkler system and T-5 lighting, among other improvements. The building, which sits on 10.64 acres of land and can support the space requirements of single or multiple tenants, features 3,200 square feet of office space, 24-foot-high ceilings, 20 dock positions and 10 rear rail doors.
Situated approximately 12 miles south of Harrisburg, 34 Dauphin Drive is located in an established industrial park on Route 11 near I-76 and 81.
“We were able to highlight the prime location of this property in the heart of Central Pennsylvania and the success of our renovation program, which has helped to position this facility strongly among tenants looking for modern features,” says Eric Witmondt, principal of Woodmont Industrial Partners. “This sale will enable us to redeploy capital into future investment opportunities as we look to expand our footprint throughout New Jersey, Central Pennsylvania and the Lehigh Valley.”
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