American Realty Advisors acquires industrial asset in Central PA’s I-81 Corridor
Carlisle, PA — American Realty Advisors announced the acquisition of a modern, cross-docked bulk warehouse/distribution property located at 2 Ames Dr. in Carlisle. The class A building, which encompasses 700,000 s/f on over 53 acres, is currently 100 percent leased to a Fortune 50 tenant through 2024.
According to Eric Cannon, American’s senior director, Investments, this acquisition will make a great addition to American’s industrial portfolio, as the purchase secures a high-quality, class A property that features a significant amount of recently-added landlord and tenant improvements.
“This property is an ideal addition to our core industrial portfolio. The center’s great location in a key logistics market, its high quality construction, and the fact that it is fully leased long-term to a credit tenant are three factors that we believe will provide our investors with an attractive current income stream,” said Cannon. The seller is a joint venture between Dermody Properties and PCCP, LLC, which was represented by Michael Hines and Brian Fiumara of CBRE National Partners. The facility is located one mile from I-81 at Exit 44 in Carlisle, which is widely considered the hub for super-regional bulk warehousing and distribution within the greater Central Pennsylvania region. Cannon notes that “the I-78 / I-81 Industrial Corridor has exhibited significant net absorption in the past several years – over 20 million s/f of industrial space was leased from 2014 through mid-2015. This area has become a Tier One East Coast inland market, with top industrial tenants including FedEx, Proctor & Gamble, Nordstrom, Georgia Pacific, and Walmart all occupying distribution space in the Corridor.”
“This facility provides its tenant easy access to the region’s transportation infrastructure, including highway, intermodal and parcel hubs, to cost effectively distribute goods throughout the entire Northeast region,” said Gene Preston, Partner, Dermody Properties East Region Office.
Acquired by Dermody Properties in 2012, with tenant improvements completed in late-2014, the property features 32’ clear height, full air conditioning, 481 car spaces, 149 trailer spaces, T-5 lighting, and 8,000 amps of power, and was designed and constructed to LEED core and shell standards.