GLP Capital Partners Sells Industrial Facility for $110M
This property previously traded for $85.2 million in 2020.
The warehouse at 84 Zions View Road is fully air conditioned. Image courtesy of JLL
A 1 million-square-foot industrial facility in Manchester, Pa., has changed hands for $110.3 million. The previous owner was GLP Capital Partners, according to CommercialEdge information. JLL Capital Markets assisted in the disposition of the fully leased property.
The asset previously traded in 2020, when GLP purchased it from DHL Supply Chain for $85.2 million, the same source shows.
Completed in 2019, the Class A cross-dock building features 36-foot clear heights, 88 dock-high loading doors, three drive-in doors, 126 trailer stalls and 455 parking spaces. In addition, the facility is fully air conditioned and includes cold storage space. Tenants include DHL, Bayer and GSK.
Located at 84 Zions View Road, the 102-acre property provides easy access to Interstate 83. Baltimore/Washington International Thurgood Marshall Airport is 75 miles away, while downtown Baltimore is some 62 miles south.
The JLL Capital Markets team which represented the seller included Senior Managing Directors John Plower and John Huguenard, Director Ryan Cottone, Associate Zach Maguire and Analyst Jordan Schwartz, together with Executive Managing Director Jeff Lockard and Executive Vice President Maria Ratzlaff.
GLP Capital Partners, the investment and asset management arm of GLP, had $125 billion in assets under management at the end of March. The firm’s 2023 acquisitions included a 730,000-square-foot industrial campus in Corona, Calif., and a 203,000-square-foot distribution center in Monroe Township, N.J.
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