NY real estate firm buys Cumberland County warehouses
New York-based real estate firm KTR Capital Partners said today that it acquired two Cumberland County warehouses that have changed hands a couple times in the last several years, including a building at Key Logistics Park near Newville.
KTR has acquired a nearly 1.2 million-square-foot warehouse in Key Logistics Park at 950 Centerville Road in Penn and West Pennsboro townships.
The park is owned by California-based Panattoni Development Co., but the former owner of the warehouse was Texas-based Hillwood Investment Properties. Hillwood, a company owned by businessman and 1990s politician H. Ross Perot Sr., acquired the warehouse in April 2011.
About half of the warehouse is leased to Florida-based Office Depot Inc. Panattoni is building a second warehouse at the park.
KTR’s second acquisition, at 1700 Ritner Highway in Carlisle, also had been owned by Hillwood since June 2010. Its 602,500 square feet is leased to Wisconsin-based Bay Valley Foods.
KTR did not release the terms of the acquisitions.