Lightstone JV Pays $79M for Pennsylvania Facility
JLL arranged the deal and secured $65 million in acquisition financing.
A joint venture between Lightstone and an affiliate of Cerberus Capital Management has acquired an 812,425-square-foot distribution center in Mechanicsburg, Pa., for $78.5 million. New York Life Real Estate Investors sold the asset, according to CommercialEdge information.
JLL represented the seller, procured the buyer and also secured $65 million in acquisition financing from a fund managed by Argentic Investment Management LLC.
The asset previously traded in May 2002 for $36.2 million, the same source shows. The facility came online the same year.
READ ALSO: What’s Next for Industrial Real Estate?
The Class A distribution center features 28-foot maximum clear heights, 82 dock-high loading doors and two drive-in doors. Additionally, the property has 329 parking spaces, 109 trailer stalls and a 195-foot truck court. Â Â Â Â Â Â Â
The 44.3-acre property is at 360 Independence Ave., north of the Pennsylvania Turnpike and close to U.S. Route 15. Naval Support Activity Mechanicsburg is some 5 miles north.
The JLL Capital Markets team that secured the financing included Managing Director Peter Rotchford and Senior Managing Director Andrew Scandalios, alongside Senior Directors Michael Pagniucci and Tyler Peck.
Senior Managing Director John Plower and Director Ryan Cottone arranged the sale. Last month, both brokers were part of the team that arranged construction financing for a 320,250-square-foot industrial facility in Feasterville-Trevose, Pa.
Lightstone’s industrial inventory
The Lightstone Group currently owns about 8.6 million square feet of industrial space nationwide, according to CommercialEdge data. In October 2022, the company entered the Denver market with the $72 million acquisition of Commander Industrial Portfolio. The 11-building park came online in 1971.
Last year, the firm purchased Woodfield Commerce Center, a 320,000-square-foot industrial facility in Fountain Inn, S.C. A joint venture between Tectonic and Angelo Gordon sold the asset for $32 million.
You must be logged in to post a comment.