JLL Capital Markets closed the sale of a fully leased, 254,449-square-foot, multi-tenant distribution warehouse at 301 Railroad Ave., Camp Hill, for $24.4 million.
The buyer was Brickman, a New York-based real estate investor and operator, that retained JLL for leasing and property management, according to a release.
JLL marketed the property for the seller, a wholly owned subsidiary of a private real estate investment fund managed by Penwood Real Estate Investment Management.
Constructed in 1963 and expanded in 1972, the recently upgraded and renovated warehouse houses four tenants and features a 24-foot clear height, 27 dock-high doors, two drive-in doors, ESFR (Early Suppression Fast Response) fire protection and plenty of parking.
The Cumberland County submarket boasted a 2.4% vacancy rate at the end of the third quarter, the release noted, “demonstrating the strength of the region. The property has access to … logistics hubs, including Harrisburg International Airport and Norfolk Southern intermodal terminals.”
Senior Managing Director John Plower, Director Ryan Cottone and Analyst Zach Maguire led the JLL investment sales and advisory team that represented the seller.
“The location, functionality and in-place cash flow attracted strong interest from a variety of investors,” Plower said in the release. “The property is well situated within the coveted West Shore pocket of Harrisburg, providing access to an abundant labor force and impressive distribution network.”