A Connecticut-based investment firm has purchased a multi-tenant industrial property in Hampden Township for nearly $15.6 million.
JLL’s Capital Markets Team closed the sale of the distribution warehouse at 301 Railroad Ave. for First Industrial Realty Trust. The trust sold the 254,449-square-foot property to an affiliate of Connecticut-based Penwood Real Estate Investment Management LLC.
The 14.2-acre property was fully occupied at the time of the sale by four tenants — John Deere, iGPS Logistics, Performance Radiator and Paint Sundries Solutions.
Penwood officials said six major shipping hubs located within 17 miles of the property made it particularly attractive to buy. The company plans to complete minor renovations to the buildings to enhance their future market appeal as leases expire.
According to county property records, First Industrial paid $7.1 million for the site in 2005.
JLL said the property underwent a series of renovations in 2005, in 2012 and again from 2014 to 2016. Those upgrades included high-efficiency lighting and a new sprinkler system, new loading doors and additional car parking.
“The warehouse boasts an attractive in-fill location in one of the country’s strongest performing industrial markets,” said John Plower, senior vice president at JLL. He led a team that included managing director James Galbally and senior vice presidents Brett Grifo and Chad Orcutt on the sale.
Central Pennsylvania continues to see new warehouses and distribution centers erected along the Interstate 78/Interstate 81 corridor as well as the I-83 corridor in York County because of increased demand. Third-party logistics companies are snapping up a lot of the new space.
The growing industrial demand in the midstate also has been attracting more outside investors.