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PHILADELPHIA-West Conshohocken, PA-based Keystone Property Trust has bought a262,500-sf warehouse distribution center in Mechanicsburg, PA for approximately $9.98 million, or about $38 per sf. The identity of the seller was not disclosed and could not be obtained by press time.

The building at 355 Independence Ave. has frontage along the Pennsylvania Turnpike and is fully leased for the next three years at 5% below the current market rate. Calls to confirm the lease rate were not returned by press time. However, according to GlobeSt.com research, the current tenants’ rental rates are about $4 per sf.

The tenants are Harrisburg, PA-based Tyco Electronics Corp. and Pittsburgh-based Genco Distribution System. The latter also leases space near Harrisburg from Keystone.

John B. Begier, Keystone’s executive vice president and chief investment officer, calls the property “an excellent complement to our Central Pennsylvania portfolio,” citing in a statement its “institutional quality” and its location along the turnpike.

Keystone’s industrial portfolio contains 21 million sf of big-box distribution assets, primarily in New Jersey, Pennsylvania and Indianapolis.

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