Cushman & Wakefield Completes 180,000-Square-Foot W/D Lease with Allen Distribution
Signing follows a Major Upgrade of the Facility by Owner Woodmont
June 9, 2014 (Newswire.com) - Commercial real estate services firm Cushman & Wakefield has completed a 180,000-square-foot industrial lease with Allen Distribution at 34 Dauphin Drive in New Kingstown. The firm's Harrisburg-based team of Gerry Blinebury, Patrick McBride and Adam Campbell, along with Philadelphia-based Leah Balerno and Marie Connell, represented building owner Woodmont Industrial Partners, an affiliate of Fairfield, N.J.-based Woodmont Properties. JLL represented the tenant.
Woodmont had acquired the vacant building in 2012 and completed a major renovation in 2013. "The improvements included an upgraded sprinkler system, new loading doors, new dock levelers and the refurbishment or replacement of existing dock levelers, and the entire facility was repainted," said Blinebury. "As a result, 34 Dauphin Drive was very well positioned to accept a new tenant."
Originally constructed in 1981, 34 Dauphin Drive occupies a 10.64-acre site and includes a 3,200-square-foot office component. It offers 24-foot ceiling heights and is rail-served by Norfolk Southern.
The facility is located between Mechanicsburg and Carlisle, 12 miles south of Harrisburg, right off I-81 near its intersection with the Pennsylvania Turnpike. Allen Distribution, a third-party logistics (3PL) company focused on the food and beverage industries, occupies a two million-square-foot industrial campus in nearby Carlisle.
"As Allen Distribution continues to grow, it continues to assess its ongoing warehousing and distribution space requirements in the region," said Blinebury. "This lease marks an expansion of that presence.
"34 Dauphin Drive is located in a very successful pocket of the market - the neighboring property at 40 Dauphin Drive was recently fully occupied by Chewy.com," he said. "When you collectively add up Allen Distribution, Chewy.com and other tenants along that road, combined with the strong institutional ownership, it has quickly become a revitalized area.
"Overall, the central Pennsylvania industrial market is extremely healthy, with a tightening vacancy rate throughout all sizes and asset classes," said Blinebury. "That is particularly true within the B asset class and within the 150,000 to 200,000-square-foot size range. We expect to see those assets trade at a premium in the future."
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2013, globally, this group completed nearly 8,900 industrial real estate transactions totaling 348 million square feet, with an aggregate value of $13.3 billion.
Categories: Real Estate