Thursday, February 18, 2016

American Realty Buys Central PA Industrial From Dermody-PCCP JV

by Steve Lubetkin
American Realty Advisors has acquired the 700,000 square-foot warehouse/distribution property at 2 Ames Drive in Carlisle, PA, from a joint venture between Dermody Properties and PCCP. The class A building, on over 53 acres, is currently fully leased to a Fortune 50 tenant through 2024. Terms were not disclosed.

“This property is an ideal addition to our core industrial portfolio. The center’s great location in a key logistics market, its high quality construction, and the fact that it is fully leased long-term to a credit tenant are three factors that we believe will provide our investors with an attractive current income stream,” says Eric Cannon, American’s senior director, investments.

The facility is located one mile from Interstate 81 at Exit 44 in Carlisle, a hub for super-regional bulk warehousing and distribution within the greater Central Pennsylvania region.

“The I-78/I-81 Industrial Corridor has exhibited significant net absorption in the past several years – over 20 million square feet of industrial space was leased from 2014 through mid-2015,” says Cannon. “This area has become a Tier One East Coast inland market, with top industrial tenants including FedEx, Proctor & Gamble, Nordstrom, Georgia Pacific, and Walmart all occupying distribution space in the Corridor.”

“This facility provides its tenant easy access to the region’s transportation infrastructure, including highway, intermodal and parcel hubs, to cost effectively distribute goods throughout the entire Northeast region,” says Gene Preston, partner, Dermody Properties east region office.

Acquired by Dermody Properties in 2012, with tenant improvements completed in late-2014, the property features 32’ clear height, full air conditioning, 481 car spaces, 149 trailer spaces, T-5 lighting, and 8,000 amps of power, and was designed and constructed to LEED core and shell standards.

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