Exeter Property Group Pays $85M for Pennsylvania Warehouse

In 2018, the seller financed the 1.2 million-square-foot development with a $48.8 million loan from Regions Bank.
Warehouse
Warehouse. Image by Cleyder Duque from Pexels.com

Exeter Property Group has finalized the $85 million acquisition of a Ritner Logistics Center, a 1.2 million-square-foot industrial property in Newville, Pa. A joint venture between Artemis Real Estate Property and Verus Partners sold the building.

In 2018, the seller acquired the 85-acre development site at 3419 Ritner Highway for $18.8 from a private investor, according to DataTree. Regions Bank provided a $48.8 million construction loan for the project.

The single-story facility was delivered in the fourth quarter of 2019. The property has 36-foot clear ceiling heights, four drive-in and 120 dock-high doors, an LED motion sensor lighting system, as well as parking spaces for 249 cars and 243 trailers. The distribution center is 2 miles northwest of Interstate 81 and 10 miles southwest of downtown Carlisle. Additionally, the property is 9 miles west of the busy industrial corridor at I-81 Exit 44W.

The Cushman & Wakefield investment sales team that negotiated the deal on behalf of the seller included Vice Chairmen Gerry Blinebury, Gary Gabriel and Adam Campbell. In September, Gabriel was part of the team that arranged the disposition of a 168,144-square-foot office building in Florham Park, N.J. The brokerage represented seller Mack-Cali Realty Corp. and sourced the buyer, The Birch Group.