Wednesday, October 7, 2015

CBRE Global Investment Fund Buys 1.5M Sqft Central PA Distribution Center

A fund advised by CBRE Global Investors has acquired Park 81, a class A 100 percent triple-net-leased, single-tenant distribution/warehouse industrial building in a key distribution corridor of Central Pennsylvania. The newly delivered build-to-suit property totals nearly 1.5 million square feet. Terms of the transaction were not disclosed.

“The growth of the Central Pennsylvania industrial submarket is evidenced by an influx of corporate users entering and expanding into the market.Park 81 is aligned with our investment criteria of acquiring industrial assets with strong in-place cash flow and long-term leases to quality tenants and gives us access to a primary big box logistics corridor.”

Park 81 is located at 234 Walnut Bottom Road, Shippensburg, PA, within the I-81/I-78 Distribution Corridor. Park 81 offers the state-of-the-art features demanded by today’s distribution/warehouse users including: double-wide stacking lanes at the entrance; cross-docking configuration; ESFR sprinklers; 56 x 50-foot deep column spacing; 60-foot speed bay; 36-foot clear height; 249 trailer parking spaces which are expandable to 358; 114 car parking spaces which are expandable to 189; 150 dock doors plus 132 knock-out panels; and T-5 fluorescent lighting.

I-81/I-78 Distribution Corridor is consistently ranked as one of the top submarkets for big box distribution centers throughout the United States. This market is one of the largest and fastest-growing industrial markets in North America. Driving factors of the submarket include: multi-modal infrastructure, low operating costs, regional parcel and freight hubs, strong concentration of third-party logistics suppliers, super-regional highway infrastructure and an abundant labor force.

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