Boston-based REIT buys home of Stauffer's Biscuit Co. for $19M
York County-based Stauffer's Biscuit Co. has a new landlord.
A subsidiary of Boston-based Stag Industrial Inc., a real estate investment trust that specializes in industrial properties, has purchased 2925 E. Market St. in Springettsbury Township for $19 million, according to Cushman & Wakefield.
Cushman & Wakefield's Pennsylvania industrial team of Gerard Blinebury, Joseph Hill Jr., Pat McBride and Robert Yoshimura brokered the sale. Stag bought the 390,000-square-foot property from Alliance Partners HSP.
Alliance acquired the property in early 2016 from D&D Distribution, a third-party logistics provider, with plans to spend about $5 million to improve it. Alliance recently completed capital improvements, including a new roof, upgraded loading docks and improved truck circulation on the site.
Stauffer's, which makes animal crackers and assorted cookies, leases more than 250,000 square feet in the building.
The remaining 135,000 square feet is available for lease, according to Cushman & Wakefield, which is marketing the space for warehouse and distribution uses.