CBRE Global Investors Buys 1.4 MSF Industrial Portfolio
- Nov 24, 2020
A fund managed by CBRE Global Investors has purchased a two-property, 1.4 million-square-foot industrial portfolio from Duke Realty. The assets include an 832,000-square-foot logistics center in Myerstown, Pa., and a 589,680-square-foot facility in Braselton, Ga. Although the sales price was not disclosed, public records show the Atlanta-area property traded for $33.6 million.
The Pennsylvania asset is located within Central Logistics Park at 53 Central Blvd. The 73-acre site is adjacent to Interstate 78, less than 30 miles northeast of central Harrisburg. Completed in 2018, the building is partially occupied by a third-party logistics provider with the remaining space available for lease.
The second property at 1380 Jesse Cronic Road is part of Park 85, a master-planned industrial campus along Interstate 85. Downtown Atlanta is 50 miles southwest. The recently completed building was designed for multiple tenants.
Both properties have 36-foot clear heights, 190-foot truck courts, ESFR fire suppression systems and cross-dock loading configurations.
CBRE’s Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki represented the seller and marketed the facility in Myerstown. The brokerage’s Chris Riley, Frank Fallon and Trey Barry worked on behalf of Duke Realty in the second transaction.
Last month, another CBRE-managed fund purchased a three-property portfolio in suburban Chicago and Phoenix. The assets collectively traded for more than $115 million.