Pennsylvania Distribution Center Commands $43M
- Sep 27, 2019
A joint venture between Endurance Real Estate Group and CenterSquare Investment Management has sold 485 Distribution Center, a 456,810–square-foot warehouse and distribution space in Shiremanstown, Pa. Black Creek Group acquired the asset for $42.5 million, with JLL Capital Markets assisting the seller in the disposition.
Located at 485 St. John’s Church Road, the 26.9-acre property is near Capital Beltway, with easy access to interstates 81, 83 and the Pennsylvania Turnpike. Major logistics centers such as UPS and FedEx hubs, Harrisburg International Airport and Norfolk Southern intermodal terminals are also nearby.
The joint venture acquired the former Quaker Oats manufacturing facility in 2017 and redeveloped it in 2018 for bulk distribution. Features include 32- and 28-foot clear heights, trailer and car parking, an ESFR sprinkler system and a 188-foot truck court. The property is currently 100 percent leased to XPO Logistics and Dayton Parts.
JLL Managing Directors John Plower and Jason Webb, together with Senior Associate Ryan Cottone, negotiated the deal on behalf of the seller. Endurance still owns 16 industrial properties in Pennsylvania, the one in Bensalem being added to the portfolio in January. The 430,373-square-foot warehouse and distribution facility commanded $23.7 million.