Cushman & Wakefield IAG’s Blinebury & Gabriel broker $76.1m ind. asset sale
MIDDLETOWN, PA — Cushman & Wakefield’s National Industrial Advisory Group (IAG) has orchestrated the $76.1 million sale of Capital Logistics Center in Middletown. The five-building industrial portfolio was acquired by an affiliated entity of Dermody Properties from a joint venture partnership of Woodmont Industrial Partners and AEW Capital Management, on behalf of one of its closed-end funds.
Cushman & Wakefield’s IAG Northeast Region leads Gerry Blinebury, executive director, in Harrisburg, and Gary Gabriel, executive vice president, in East Rutherford, represented the seller. The buyer was represented in-house.
Capital Logistics Center’s five adjacent buildings total 1,296,494 s/f and are 74% occupied. An additional 133,800 s/f remains available for development.
“This transaction represents a multitude of asset classes including stabilized core product, vacant value-add product and additional land development,” said Blinebury. “In addition to the highly desirable location, extensive renovations completed by Woodmont/AEW leave the assets well-positioned for the user community, as evidenced by a major food distributor’s recent decision to occupy 400,000 s/f of class A space.”
Ideally positioned in the fast-growing and densely populated “Golden Triangle” region of the Central PA submarket in Dauphin County, Capital Logistics Center offers employers accessibility to an expansive and diverse labor pool. Tenants also benefit from the County’s strong demographics, including population growth of 8.1% from 2000 to 2016.