SK Realty Management has acquired the York Logistics Hub, a three-building complex comprising 1.4 million square feet of industrial and manufacturing space within the Pennsylvania community of York for $73 million. The seller was Patriot Equities.
SK Realty also secured a three-year, floating-rate $48.2 million acquisition loan from a regional bank, which was placed by JLL.
The 72.5%-occupied York Logistics Hub is home to 13 tenants. South Campus is a 743,413-square-foot industrial facility anchored by Johnson Controls, which occupies 71% of the building for its mission-critical manufacturing operation. North Campus is a 548,632-square-foot industrial warehouse facility with redevelopment potential. The West Office Tower is a 116,255-square-foot, multi-story office tower with the potential to redevelop into a Class A industrial property.
Situated at 601, 621 and 631 S. Richland Ave., York Logistics Hub is in York, a south-central Pennsylvania community near Harrisburg and within the Central Pennsylvania Industrial market. The property is along Route 30 (Lincoln Highway) and two miles from Interstate 83, providing access to the region's critical highway infrastructure.
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The JLL Industrial Capital Markets team representing the sellers is led by Senior Managing Director John Plower and Director Ryan Cottone, along with Jeff Lockard with JLL Industrial Brokerage.
The JLL Debt Placement team representing the borrower included Senior Managing Director Chad Orcutt and Director Michael Pagniucci.
"The sales process saw very strong interest from a wide array of investors and developers, given the great in-place cash flow with the potential in the future for re-development of a new Class A warehouse," Plower said.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
