STAG Buys 279 KSF Distribution Facility in Central PA
- Mar 13, 2018
STAG Industrial Inc. has purchased a 278,582-square-foot distribution asset located 60 miles north of Baltimore in York, Pa., from High Street Realty Co. LLC. The property traded for roughly $18 million, in a transaction facilitated by Cushman & Wakefield’s Capital Markets team.
The single-tenant industrial facility, leased to United Natural Foods, is situated at 57 Grumbacher Road and is part of the Interstate 83 Industrial Park. Located in the rapidly developing Central Pennsylvania market, the area is home to a mix of industrial and manufacturing companies, offices and retailers.
Built in 1985 and expanded in 1993, the structure encompasses 27 dock doors and 97 parking spaces. The single-story property features 22-foot high ceilings and underwent extensive renovations in 2015.
Cushman & Wakefield’s team working on behalf of the seller included Executive Directors Joseph Hill, Robert Yoshimura and Gerry Blinebury, along with Director Eric Mattson.
“STAG has aggressively pursued single-tenant assets in the Pennsylvania market and this acquisition is indicative of the cap rate compression in the current environment,” said Hill, in prepared remarks.
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