YORK, PA — Cushman & Wakefield’s Capital Markets team has orchestrated the sale of 57 Grumbacher Rd. in York. STAG Industrial, Inc. purchased the 278,582 s/f, one-story industrial property from High Street Realty Company, LLC for $18 million.
“STAG has aggressively pursued single tenant assets in the Pennsylvania market and this acquisition is indicative of the cap rate compression in the current environment,” said Joseph Hill, Jr., executive director with Cushman & Wakefield. Hill collaborated with the team of Robert Yoshimura, Gerry Blinebury and Eric Mattson, which represented the seller.
57 Grumbacher Rd. is a single-tenant, functional distribution facility located in the Interstate 83 Industrial Park. The building, which underwent extensive renovations in 2015 and features 22-foot clear heights, is 100 percent leased to United Natural Foods (UNFI), a leading national distributor of organic, natural and specialty foods.
The property provides convenient access to I-83 via the Exit 24 interchange, which is home to nearly 10 million square feet of industrial and manufacturing facilities, Fortune 500 companies, and brand name occupiers including GlaxoSmithKline, Starbucks and Target.
Central PA is one of the fastest growing industrial real estate markets due to its proximity to I-83, I-81, I-78 and the Pennsylvania Tpke.