American Realty Advisors Buys 700 KSF Amazon Building in Central Pennsylvania
- Mar 01, 2016
Philadelphia–American Realty Advisors of Glendale, Calif., has acquired a 700,000-square-foot warehouse/distribution center located at 2 Ames Drive in Carlisle, Pa.
A joint venture between Dermody Properties and PCCP sold the property for $62.4 million, the Philadelphia Business Journal reported. Michael Hines and Brian Fiumara of CBRE Inc. represented the seller in the transaction.
The class A building, which serves as a fulfillment center, is fully leased to Amazon through 2024.
Dermody Properties acquired the facility in 2012 and completed a renovation in late 2014. Designed and constructed to LEED core and shell standards, the center now features 32-foot clear heights, full air conditioning, 481 car spaces, 149 trailer spaces, T-5 lighting and 8,000 amps of power.
The property is located on a 53-acre site just one mile from Interstate 81 at Exit 44 in Carlisle, which is widely considered the hub for super-regional bulk warehousing and distribution within the greater Central Pennsylvania region.
According to Eric Cannon, American Realty’s Senior Director, Investments, “the I-78 / I-81 Industrial Corridor has exhibited significant net absorption in the past several years–over 20 million square feet of industrial space was leased from 2014 through mid-2015. This area has become a Tier One East Coast inland market, with top industrial tenants including FedEx, Proctor & Gamble, Nordstrom, Georgia Pacific and Walmart all occupying distribution space in the Corridor.”
“This facility provides its tenant easy access to the region’s transportation infrastructure, including highway, intermodal and parcel hubs, to cost-effectively distribute goods throughout the entire Northeast region,” added Gene Preston, partner at Dermody Properties’ East Region Office.
Image courtesy of Dermody Properties