By Charlie Dettbarn CoStar Research
TA Realty has purchased a newly built warehouse facility in Lancaster County, Pennsylvania, for $23.75 million.
The Boston-based investment firm acquired the property from High Street Logistics Properties.
Located at 601 Stony Battery Road in Landisville, the industrial facility totals 252,800 square feet and delivered this year. The warehouse is located within close proximity to U.S. Route 20, Pennsylvania Route 283 and U.S. Route 222, which gives it access to Pennsylvania's extensive interstate system.
Lancaster County has historically been one of the tightest industrial markets within central Pennsylvania, boasting a 2.4% vacancy rate across 23.5 million square fee of inventory as of the fourth quarter of 2020. CoStar data also unequivocally shows the industrial market in Lancaster, Pennsylvania, remains on rock-solid ground at the start of the new year, indicating growth could be on the horizon, despite some slight softening of occupancies over the course of 2020.
“Lancaster County is a burgeoning location for industrial development in Central Pennsylvania due to its abundant and highly skilled labor force as well as its accessibility to various transportation routes leading to multiple major cities within a 2-hour drive. The need for Class A distribution space that can conveniently service large consumer bases has been significantly magnified as shopping habits have shifted and online spending has considerably increased."
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