CBRE Brokers $63M Industrial Deal in Pennsylvania
- Jun 19, 2020
CBRE has completed the $62.5 million sale of LogistiCenter at 33, a 475,800-square-foot industrial building in Easton, Pa. The company negotiated on behalf of the seller, a joint venture between Dermody Properties and PCCP. Black Creek Group acquired the asset, according to public records.
CBRE Vice Chairmen Brian Fiumara and Michael Hines, Senior Vice President Brad Ruppel and Director Lauren Dawicki arranged the transaction. In February, the same brokerage team assisted Evergreen Private Finance in the disposition of a 172,100-square-foot, industrial property in Garnet Valley, Pa., to BHN Associates.
Located on 32 acres at 4200 E. Braden Blvd., the warehouse came online in 2016. The structure features 36 foot ceiling clear heights, ESFR fire sprinklers, 69 dock-doors and ample parking for cars and trailers. Radial Inc. fully occupies the property. Other companies with facilities in the area include Georgia Pacific Corp., Crayola and Oldcastle Infrastructure.
LogistiCenter at 33 is 3 miles from PA Route 33, which also provides access to US Route 22 and Interstate 78. Additionally, the warehouse is 16 miles from Lehigh Valley International Airport.