X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

MECHANICSBURG, PA-Under the name West Harrisburg LLC, a private investor from California has acquired the 502,440-sf distribution center at 4501 Westport Dr. The property is 100% leased to Norcross, GA-based Unisource, a supplier of printing papers and packaging systems.

The acquisition price was nearly $15.3 million, or approximately $30.35 per sf, Stephen Cooper, senior director of the Philadelphia office of Cushman & Wakefield, tells GlobeSt.com. Cooper and C&W associate director Gerry Blinebury represented the buyer. Jack Shepley of Harrisburg-based NAI/CIR represented the unidentified seller.

Cooper and Blinebury also represented Unisource in the 10-year lease. Under the terms, the new owner is investing almost $1.6 million in improvements to be completed after the closing. The rent begins when the tenant takes occupancy. The rental rate and aggregate value of the lease is undisclosed.

Chicago-based Aries Capital Inc. arranged a loan of just under $14.4 million from Citigroup Capital Markets for the acquisition. The financing has a six-year term and a 20-year amortization at an interest rate of 5.52%. The loan-to-value ratio is 78%.

In an unrelated industrial sales transaction, Peter Greenhalgh, Fran Mahoney, Brian Hilger and Chris Kutzler of C&W’s Philadelphia office represented Louderback Logistics Co. in acquiring a 25,000-sf industrial space at 311 Water St. in Spring City in Chester County. The price was just over $1.3 million, or about $53 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.