The Hampshire Cos. disposes 596,703 s/f industrial building in Mechanicsburg, PA
Mechanicsburg, PA — The Hampshire Companies announced the sale of a 596,703 s/f industrial building located at 1225 South Market St. in Mechanicsburg to Allen Distribution. 1225 South Market St. sits on just over 100-acres, with 35.11 acres of excess land for future development, in Cumberland County in the Central PA 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 20% of the building.
“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 Cos. “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.” Cushman & Wakefields’ Gerard Blinebury, executive director, Marie Connell, director and Samantha Kennedy, associate brokered the deal.