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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.

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