New Jersey-based Woodmont Industrial Partners, in joint venture with AEW Capital Management, has announced the acquisition of the six-building, 1.55 million-square-foot Capital Business Center near Harrisburg International Airport in Dauphin County, according to a news release.
The new ownership will replace two of the six buildings and has renamed the site the Capital Logistics Center, the release stated.
The name reflects the strategic location for firms that would stand to benefit from being close by the nearby highways and the airport, said Eric Witmondt, managing principal of Woodmont Industrial Partners.
The two buildings marked for demolition are Class C structures dating to the middle of last century, according to the release.
They will be replaced with LEED-certified, Class A warehouse facilities totaling about 530,000 square feet, the release stated.
The other four buildings total nearly 900,000 square feet of space and all but the largest one are 100 percent occupied, the release stated. The remaining building’s occupancy is about 28 percent, according to the release.
Significant capital improvements are planned for all four, the release stated.
Woodmont Industrial Partners is an affiliate of Fairfield, N.J.-based Woodmont Properties and was formed in 2011.
Its focus is on acquisition opportunities in “select, high-barrier-to-entry and globally oriented seaports” in the areas of New York and New Jersey, Baltimore and south Florida, as well as “inland ports” of the Lehigh Valley and Harrisburg regions, the release stated.
Founded in 1981, AEW Capital Management LP provides real estate investment management services to investors across the world. AEW and its affiliates manage $35.8 billion in capital invested in about $49 billion in property and securities in North America, Europe and Asia as of earlier this year, the release stated.