Industrial Income Trust Buys Fully Leased 1627 Ritner Hwy Property for $8.1M
CARLISLE, PA – October 4, 2011 – (RealEstateRama) — Commercial real estate services firm Cushman & Wakefield, Inc. has orchestrated the sale of 1627 Ritner Highway, a 201,000-square-foot warehouse/distribution property in Carlisle. An entity of Industrial Income Trust purchased the fully leased asset from the owner, a family trust, for $8.1 million.
Gerry Blinebury, Pat McBride and Leah Balerno of Cushman & Wakefield’s Philadelphia industrial brokerage practice served as the exclusive brokerage team in the transaction. David Fazekas, Managing Director of Industrial Income Trust’s East Rutherford Office, sourced the transaction for the company.
1627 Ritner Highway serves as a long-time regional distribution facility for Andersen Logistics, a subsidiary of Andersen Corporation. The company is focused on distribution of Andersen windows, patio doors, exterior doors and other exterior products to Andersen Windows, Inc. dealers.
“This was a great transaction for both parties, the Seller received market pricing and the buyer seized a rare opportunity to acquire institutional real estate at the much sought after location of “exit 44” along I-81. Beyond the quality of its long-term tenant, 1627 Ritner Highway sits in Carlisle, PA within the core of the Central Pennsylvania Industrial Market.”
Blinebury added that the immediate submarket contains more than 20 million square feet of industrial space. The 1627 Ritner Highway building was constructed in the 1980s yet offers the functionality of modern warehouse/distribution product, including high ceilings, superior loading and ample trailer parking. “This property makes a nice regional foundation for Industrial Income Trust, which is relatively new to this market but looking to grow its presence here,” Blinebury said.
Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions – totaling 141.6 million square feet in leases and 52.9 million square feet in sales – with an aggregate value of nearly $5 billion. This represented a year-over-year revenue increase of 26.7 percent.
Evelyn Weiss Francisco: , (201) 796-7788,