June 2, 2017 Comments Off on Dermody Affiliate Acquires 1.3MSF PA Industrial Portfolio for $76.1M Views: 584 National News, Northeast, Pennsylvania

Dermody Affiliate Acquires 1.3MSF PA Industrial Portfolio for $76.1M

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Capital Logistics Center, a five-building industrial portfolio in Middletown, PA, was sold for $76.1 million. An affiliated entity of Dermody Properties acquired the 1.3-million-square-foot portfolio on behalf of one of its closed-end funds from a joint-venture partnership of Woodmont Industrial Partners and AEW Capital Management.

The park is 74% occupied, and includes an additional 133,800 square feet of available development. The property is located in Central Pennsylvania’s Interstate 81 distribution corridor, which is near vital transportation links, including I-81 and the Pennsylvania Turnpike.

Cushman & Wakefield’s Gerry Blinebury and Gary Gabriel represented the seller. The buyer was self-represented.

Blinebury says, “In addition to the highly desirable location, extensive renovations completed by Woodmont/AEW leave the assets well-positioned for the user community, as evidenced by a major food distributor’s recent decision to occupy 400,000 square feet of class A space.”

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