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Hampden Township warehouse sells for $42.5 million
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A Colorado-based real estate investment and management company purchased a large distribution center in Cumberland County.
JLL Capital Markets announced Tuesday that it arranged the sale of the 485 Distribution Center (485 DC), a 456,810-square-foot distribution center in Hampden Township, to Denver, Colorado, company Black Creek Group for $42.5 million. The property was sold by a joint venture between Delaware County-based Endurance Real Estate Group and Philadelphia’s CenterSquare Investment Management.
John Plower, managing director for JLL, along with a team consisting of Ryan Cottone and Jason Webb, finalized the sale.
“We are thrilled to see this project through to completion,” said David Erlbaum, Endurance senior vice president of development. “This was a long project in the making – two years of being under contract working through a de-leasing effort of a partially occupied obsolete manufacturing and office building, procuring entitlements, followed by another two years working on the demolition and successful redevelopment and lease-up of the project.”
485 DC is a multi-tenant warehouse situated on 26.9 acres off St. John’s Church Road consisting of high loading capacity, dedicated trailer stalls and a building depth of 300 feet. The property was redeveloped in 2018 to allow bulk distribution.
Located in Hampden Township’s industrial center, the site is strategically placed off of the Capital Beltway for access to Interstates 81 and 83 and the Pennsylvania Turnpike. The property is currently occupied by XPO Logistics and Dayton Parts.
“This location is the heart of the Central Pennsylvania industrial market and is truly unparalleled in terms of distribution potential and access to a high-quality labor force,” Plower said. “Corporations and investors alike prefer this area due to its proximity to major logistics centers such as UPS and FedEx hubs, Harrisburg International Airport, Norfolk Southern intermodal terminals and major ports in Baltimore, Philadelphia and New Jersey.”
