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

CHAMBERSBURG, PA-Olympic Steel Inc. has acquired the 150,000-sf manufacturing and warehouse facility at 1530 Nitterhouse Dr. in Chambers 5 Business Park. The Bedford Heights, OH-based maker of flat-roll steel paid $5.2 million for the building, which is located on 15 acres.

Olympic came to Chambers 5 in September 1998 under a lease for 87,000 sf at 1599 Nitterhouse. It will relocate to its expanded facility, where it will fabricate steel for custom components, primarily for the construction industry.

“The buyer was initially attracted to the park because it provides direct access to two rail lines and three interstate highways,” says Joe McDermott, SVP in the area office of CB Richard Ellis. “The 1530 Nitterhouse Drive building includes 1,500 sf of office space, and the property is expandable up to 250,000 sf.”

McDermott represented Olympic and was sole broker. The seller is Augusta, GA-based Hock Development Co. The $34.67-per-sf price approaches the average for industrial property sales, according to a January report from Philadelphia-based Colliers Lanard & Axilbund. It places the average throughout Eastern Pennsylvania at between $35.88 per sf and $48.12 per sf, factoring in the generally more expensive warehouse and distribution facilities.

Chambers 5 Business Park encompasses 3.5 million sf on 350 acres, located at exit 14 off Interstate 81. Among the more than 30 companies with facilities there are Kmart, Staples and Amazon.com.

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