Select Capital pays $7.1M for light industrial building on Derry Street
Select Capital Commercial Properties Inc., a Lower Allen Township-based real estate investment company, has purchased a light industrial building at 7917 Derry St. in Swatara Township from Nevada-based Dermody Properties.
The purchase price was $7.1 million, according to county deed records. The building is currently 92 percent leased to seven tenants, including DHL Express, Pyramid Construction and United Hospital Services, according to a news release about the sale.
“The sale of the building fits our strategy of recycling capital into development opportunities in key distribution markets in the U.S.,” Douglas Kiersey, Jr., president of Dermody Properties, said in a statement.
Dermody purchased the building in 2008 for $5.4 million, property records show.
“Dermody Properties was very successful positioning this property with a strong tenant mix and good market visibility,” said John Ortenzio, president of Select Capital. “That being the case, this acquisition is a good fit with our existing properties in the Harrisburg area.”
Select Capital is owned by the Ortenzio family, founders of Cumberland County-based acute care and rehabilitation health company Select Medical Corp.
Julie Trogner, associate broker at Jones Lang LaSalle, represented Dermody Properties. Jason Grace of Landmark Commercial Realty Inc. brokered the transaction for Select Capital.