The Hampshire Companies, a full-service, private real estate investment firm with assets valued at more than $2.5 billion, announced today the sale of a 596,703-square-foot industrial building located at 1225 South Market Street in Mechanicsburg, Pennsylvania to Allen Distribution. The property is currently 65% leased with an available 205,858 square feet of vacancy.
1225 South Market Street sits on just over 100-acres, with 35.11 acres of excess land for future development, in Cumberland County in the Central Pennsylvania submarket. The location offers all components necessary for East Coast distribution including a strong highway network, freight hubs, 3PL carriers, corporate neighbors, a developed labor force and government incentives. The property is also located within a 15-minute drive of Harrisburg International Airport and within a 20-minute drive from FedEx and UPS ground services.
The building is primarily a one-story warehouse with a second story of office comprising approximately 20-percent of the building. Ceiling heights range from 16’-30’. Abundant car and trailer parking surrounds the warehouse with 747 car parking spots, 24 trailer stalls, 58 loading doors and one drive in door. There is also an on-site helicopter pad and power sub-station. Additional features include a fire suppression system, office-chiller air handler HVAC system, warehouse rooftop cooling units and gas-fired heating air rotation units.
“We had the opportunity to achieve our projected returns for investors by disposing the asset to Allen Distribution, a user that could take advantage of the current vacant space,” said Igor Derbaremdiker, Director of Dispositions at The Hampshire Companies. “Our ability to achieve the optimal return was based in part on our ability to identify, ascertain and articulate the value related to the expansion opportunity which can be realized by the new owner. This disposition exemplifies the breadth and depth of our understanding of one of the nation’s preeminent industrial real estate markets. The building’s accessibility in an infill location, its proximity to the buyer’s other assets, the remaining vacancy and its proximity to major population hubs along the East Coast made this opportunity even more attractive to the buyer.”
1225 South Market Street offers excellent access to Routes 81 and 78 as well as The Pennsylvania Turnpike. The Central Pennsylvania Submarket offers access to 50% of the United States population and 60% of the Canadian population within a one-day truck drive.
Cushman & Wakefields’ Gerard Blinebury, Executive Director, Marie Connell, Director and Samantha Kennedy, Associate brokered the deal.
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About The Hampshire Companies
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm based in Morristown, N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
Contact
Nick Laplaca
R&J Strategic Communications
908-722-5757
nlaplaca@randjsc.com