By Rachel Whaley CoStar Research
Boston-based logistics real estate investor and developer Cabot Properties Inc. has purchased a fully leased, two-building logistics complex in Elizabethtown, Pennsylvania.
Cabot acquired the two buildings from a joint venture between Novaya Foxfield Industrial and Drake Real Estate Partners, which developed the complex in 2019. The buildings sold for roughly $21.9 million.
The two buildings are located within the 3 million-square-foot Conewago Industrial Park at 1405 and 1473 Zeager Road. Combined, the logistics buildings total 198,721 square feet and are 100% leased by Aqua Pool Supply Co. and Packaging Corporation of America.
The Elizabethtown location’s strong leasing fundamentals, labor force and proximity to major logistics infrastructure have attracted both institutional investors and a deep roster of regional and global tenancy.
"Clearly developers and investors are focused on the efficiencies of these labor-rich concentrations that tie directly into critical hubs like the FedEx Ground/Freight Hub in Middletown, Pennsylvania. The Novaya Foxfield Industrial team identified a uniquely infill opportunity and executed seamlessly in bringing the project to life."
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