{"id":1004548594,"date":"2021-08-26T02:24:20","date_gmt":"2021-08-26T10:24:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004548594"},"modified":"2022-12-07T19:16:27","modified_gmt":"2022-12-08T03:16:27","slug":"york-logistics-hub-trades-for-73m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/","title":{"rendered":"Pennsylvania Logistics Hub Trades for $73M"},"content":{"rendered":"
\"\"<\/a>

York Logistics Hub. Image courtesy of John Jenks and JLL<\/p><\/div>\n

New York City-based SK Realty Management acquired York Logistics Hub, a three-building, 1.4 million-square-foot industrial and manufacturing complex in York, Pa., from Patriot Equities for $73 million.<\/p>\n

Working on behalf of the buyer, JLL Capital Markets secured a $48.2 million three-year, floating-rate acquisition loan from an unidentified regional bank. JLL also marketed the property on behalf of the seller, a Wayne, Pa.-based real estate investment and development company.<\/p>\n

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READ ALSO<\/strong>: Why Industrial Space Demand Exceeds Expectations<\/a><\/p>\n

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Located at 601, 621 and 631 S. Richland Ave., the asset is situated along Route 30 and 2 miles from I-83, providing access to the region\u2019s main highway infrastructure. The York site is located near Harrisburg, Pa., within the Central Pennsylvania industrial market<\/a>. The location enables tenants to reach 40 percent of the U.S. population, six of the top10 MSAs and more than 50 percent of the Canadian population within a day\u2019s drive.<\/p>\n

At the time of sale, York Logistics Hub was home to 13 tenants across three facilities. South Campus is a 743,413-square-foot industrial facility anchored by Johnson Controls, which occupies 71 percent of the building for its manufacturing operation. North Campus is a 548,632-square-foot industrial warehouse with redevelopment potential. The South and North Campus buildings feature clear heights ranging from 15 to 46 feet, 34 loading doors, 27 drive-indoors, 12 interior loading doors and ample parking. The West Office Tower is a 116,255-square-foot, multi-story office building with the potential to redevelop into a Class A industrial property.<\/p>\n

Strong interest from investors<\/h2>\n

Senior Managing Director John Plower<\/a>, a member of the JLL Industrial Capital Markets team that represented the seller, said in a prepared statement York is an excellent industrial location because it has a strong labor base and good connectivity to Harrisburg and Baltimore. He said the property attracted very strong interest from a wide variety of investors and developers because it has good in-place cash flow with the potential for redevelopment of new Class A warehouse space.<\/p>\n

Plower and Director Ryan Cottone led the JLL Industrial Capital Markets team in the sale along with Senior Managing Director Jeff Lockard of JLL Industrial Brokerage.<\/p>\n

The JLL Debt Placement team representing the borrower included Senior Managing Director Chad Orcutt and Director Michael Pagniucci.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL secured a $48 million acquisition loan for the deal.<\/p>\n","protected":false},"author":1068,"featured_media":1004548603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,10],"tags":[32796,44006],"class_list":["post-1004548594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-northeast","tag-jll","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nPennsylvania Logistics Hub Trades for $73M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pennsylvania Logistics Hub Trades for $73M\" \/>\n<meta property=\"og:description\" content=\"JLL secured a $48 million acquisition loan for the deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-26T10:24:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T03:16:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/York-Logistics-Hub.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"982\" \/>\n\t<meta property=\"og:image:height\" content=\"737\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/\",\"name\":\"Pennsylvania Logistics Hub Trades for $73M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/York-Logistics-Hub.jpg\",\"datePublished\":\"2021-08-26T10:24:20+00:00\",\"dateModified\":\"2022-12-08T03:16:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/york-logistics-hub-trades-for-73m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/York-Logistics-Hub.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/York-Logistics-Hub.jpg\",\"width\":982,\"height\":737,\"caption\":\"York Logistics Hub. 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