By Rachel Whaley with CoStar AI
PCCP, a real estate finance and investment management firm focused on commercial real estate debt and equity investments with approximately $29.2 billion in assets under management on behalf of institutional investors, acquired the Ritner Logistics Center, a 1.2 million-square-foot industrial facility fully occupied by Newell Brands in Newville, Pennsylvania, from EQT Real Estate.
Located within Pennsylvania's I-81 corridor, the building traded for $141.6 million, or about $116.52 per square foot.
Built in 2019, the distribution center at 3419 Ritner Hwy encompasses 1,215,240 square feet on a 93.17-acre site and is fully leased by Newell Brands, a Fortune 500 manufacturer and distributor of consumer and commercial products. The cross-dock configured warehouse is located less than two miles from Interstate 81, with connectivity to both I-78 and I-76.
"Central Pennsylvania is an established bulk industrial market given its proximity to dense Northeast population centers, deep and accessible labor pool, and highway connectivity," said Lia Barsanti, a senior vice president with PCCP, in a statement announcing the acquisition. "PCCP believes acquiring a 100% leased warehouse at a meaningful discount to replacement cost in a core industrial node created a strong investment opportunity for our firm."
According to PCCP, the location allows for direct access to approximately 50% of the U.S. population and 60% of the Canadian population within a one-day truck drive. It's also within a three-hour drive from major distribution nodes, including the Port of New York/New Jersey, the Port of Philadelphia, Newark Liberty International Airport, and Philadelphia International Airport.
CoStar confirmed that the property was sold in October 2020, shortly after it was completed, for $85 million, which equated to about $70 per square foot at that time.
The acquisition adds to PCCP's industrial portfolio, which now includes 70 properties totaling more than 12 million square feet, or nearly a quarter of the company's total property holdings.
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