Thursday, August 26, 2021

SK Realty Management Pays $73 Million for York Logistics Hub

By Rachel Whaley CoStar Research

SK Realty Management has purchased York Logistics Hub, a three-building complex comprising 1.4 million square feet of industrial and manufacturing space in York, Pennsylvania, for $73 million.

The real estate investment group acquired York Logistics Hub from Patriot Equities. SK Realty Management also secured a $48.2 million loan for the acquisition through a regional bank.

Located at 601, 621 and 631 S. Richland Ave., York Logistics Hub comprises three buildings called South Campus, North Campus and West Office Tower, which together were 72.5% occupied by 13 tenants at the time of the sale.

South Campus totals 743,413 square feet and is anchored by Johnson Controls, which occupies 71% of the building for its mission-critical manufacturing operation. North Campus total 548,632 square feet and has redevelopment potential. And the West Office Tower totals 116,255 square feet and can potentially be redeveloped into industrial space

York Logistics Hub is located along Route 30 and 2 miles from Interstate 83, providing access to the region's critical highway infrastructure. Its location allows tenants to reach about 412,000 residents within a 30-minute drive, along with access to over 40% of the U.S. population, six of the top 10 metropolitan areas and more than 50% of the Canadian population.

"York is a fantastic industrial location, as it has a strong labor base and good connectivity to Harrisburg and Baltimore. The sales process saw very strong interest from a wide array of investors and developers, given the great in-place cash flow with the potential in the future for re-development of new Class A warehouse."

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