Mechanicsburg, PA — CBRE announced that Jeffrey Dunne and Jeremy Neuer of CBRE’s New York Institutional Properties team represented the buyer, an entity controlled by Hartz Mountain Industries, in the purchase of 35 Dauphin Dr. in Mechanicsburg, P.A. for $24.8 million. Brad Ruppel, Michael Hines and Brian Fiumara of CBRE’s National Partners team represented the seller.
Currently 100% occupied, 35 Dauphin Dr. is situated along US Rte. 11 (Carlisle Pike) in the Central Pennsylvania, which is characterized by its exceptional highway infrastructure, within a one-day truck Dr. to 40% of the U.S. population and six of the top 10 U.S. MSAs. The property connects directly to the Northeast Distribution Corridor’s most integral confluence of regional highways: three miles to I-81; four miles to I-76 (Pennsylvania Tpke.); and 10 miles to I-83 (Baltimore Washington).
Hartz Mountain’s purchase of 35 Dauphin Dr. is the latest in the company’s current investment strategy of acquiring high quality, stable industrial assets in first tier markets across the United States. The I-78 / I-81 Industrial Corridor is one of the most active and fastest growing locations in the Northeast for warehousing, repackaging and distributing consumer goods.
Dunne commented: “Hartz has added a premier institutionally maintained asset to their expanding industrial portfolio along the East Coast. 35 Dauphin’s world-renowned tenancy and premier location will provide a secure and stable cash flow.”