Wednesday, January 5, 2022

New York Investor Pays $24.4 Million for Harrisburg-Area Distribution Facility

 Brickman has purchased a fully leased distribution facility in the West Shore of Harrisburg, Pennsylvania, for $24.4 million.

The New York-based real estate investor and operator acquired the 254,449-square-foot warehouse from a wholly owned subsidiary of a private real estate investment fund managed by West Hartford, Connecticut-based Penwood Real Estate Investment Management. Penwood originally paid $15.55 million for the facility in 2017.

Located at 301 Railroad Ave., the distribution facility is fully occupied by four tenants and features a 24-foot clear height, 27 dock-high doors, two drive-in doors, ESFR fire protection and ample parking. The facility was originally built in 1963 and expanded in 1972. It received upgrades and renovations between 2018 and 2020 to modernize the facility.

"The location, functionality and in-place cash flow attracted strong interest from a variety of investors," Plower said in a statement. "The property is well situated within the coveted west shore pocket of Harrisburg providing access to an abundant labor force and impressive distribution network."

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