Connecticut investor pays $33.1M for Hampden Township warehouse
Four months after buying a multi-tenant industrial property in Hampden Township, a Connecticut-based investment firm has purchased an even bigger warehouse in the township.
Penwood Select Industrial Partners V LP, an affiliate of Penwood Real Estate Investment Management LLC, has acquired a 507,634-square-foot warehouse at 6345 Brackbill Blvd. for $33.1 million, according to Cumberland County property records.
In January, Penwood paid nearly $15.6 million for a 254,449-square-foot warehouse that sits on 14.2 acres at 301 Railroad Ave.
The Brackbill property is fully occupied by logistics provider DHL Supply Chain, which serves Bayer Healthcare Pharmaceuticals. The warehouse sits on 29 acres with rail access, not far from Interstate 81.
The warehouse was previously owned by Exeter Property Group, a suburban Philadelphia firm. Exeter paid $29.4 million for the property in January 2016, according to county property records.
Central Pennsylvania has been one of the fastest-growing industrial real estate markets in the country due to its proximity to major interstates, including I-81, I-83 and I-78, as well as the Pennsylvania Turnpike. New warehouses and distribution centers continue to be built along highways, including multiple projects near the I-78/I-81 split in Lebanon County and over into Berks County.
"This was an opportunity to acquire a fully leased building within an infill area of Central Pa. with superior access to the extensive regional highway system, population density and labor pool," said Howard Freeman, Penwood's managing director of East Coast acquisitions.
According to Cushman & Wakefield's Pennsylvania industrial team, which brokered the Penwood deal, the property was recently upgraded with a new sprinkler system and investments in new lighting.
The company's team of Gerry Blinebury, James Carpenter, Robert Yoshimura and Joseph Hill Jr. represented the seller.