Penwood Grabs 508 KSF Warehouse in PA
- May 04, 2018
Penwood Select Industrial Partners has acquired a 507,634-square foot warehouse in Mechanicsburg, Pa. According to public records, the seller was a joint venture between Henley Holding Co. and the Public Sector Pension Investment Board, which purchased the asset in 2015 as part of a $3.2 billion portfolio.
The single-story building spreads across 29 acres at 6345 Brackbill Blvd., along the Interstate 81 industrial corridor. The transit-oriented area is close to interstates 83 and 78 and Pennsylvania Turnpike.
Recently upgraded asset
The property, fully occupied by Exel Global Logistics, underwent significant renovations in the past two years, resulting in the addition of ESFR sprinklers and T-8 lighting. The temperature-controlled facility features a clear height of 23 feet at the eaves and 26 feet at the peak, as well as:
- fully fenced truck court
- 13 rail doors
- 77 dock doors
- one drive-in door
- more than 80 trailer stalls
A Cushman & Wakefield Capital Markets team comprising Executive Managing Director Gerry Blinebury, Senior Director James Carpenter and Executive Directors Robert Yoshimura and Joseph Hill Jr., represented the seller in the transaction.
“(The property) presented a unique opportunity for the right buyer to acquire a fully leased, modern industrial asset offering exceptional access to the extensive regional highway system and population density in the Central Pennsylvania market,” Blinebury said in a prepared statement.
Image courtesy of Cushman & Wakefield