Commercial Trailer Leasing (CTL) Purchases Former Bethlehem Steel Corporation Property
Woodmont Industrial Partners (WIP), a leading industrial development and management firm, announced it has completed the sale of the former Bethlehem Steel Corporation property, located off of Whitehouse Lane along Route 230 in Lower Swatara Township. The land, part of the Harrisburg International Airport and previously owned by the Susquehanna Area Regional Airport Authority (SARAA), was purchased by Commercial Trailer Leasing (CTL). Patrick Lafferty of CBRE’s Harrisburg office represented SARAA.
“The sale of this land will enable us to redeploy capital into future investment opportunities,” said Eric Witmondt, principal of Woodmont Industrial Partners. “We’re actively growing our industrial portfolio and seeking to expand our footprint throughout New Jersey, Central Pennsylvania and the Lehigh Valley.”
CTL is a third-generation, family-owned business established in 1964. Throughout its history, CTL has focused exclusively on trailers and grown its fleet to more than 15,000 units, which are serviced nationwide. The company, which is headquartered in Roseland, New Jersey, will utilize the Harrisburg land to house its trailers.
“Our long-term relationship with Woodmont Industrial, along with the location of this property, were two key factors that influenced this sale,” said Gregg Gottsegen, president of CTL.
The 39.1 acres of land is located within a mile of the Capital Logistics Center (CLC), which Woodmont Industrial acquired as a joint venture with AEW Management, L.P in 2013. The partnership executed an extensive capital improvement program, transforming CLC into a state-of-the-art, Class A industrial park.
Woodmont Industrial, which has embarked on an acquisition goal of two million square feet for 2017, continues to strategically grow its portfolio with value-add and development properties.
About Woodmont Industrial Partners
Woodmont Industrial Partners is an affiliate of Fairfield, New Jersey-based Woodmont Properties, a leading real estate development and management firm established in 1963. Woodmont Industrial Partners was formed in 2011 and is focused on the acquisition opportunities in select, high-barrier-to-entry and globally oriented seaports of New York/New Jersey, and the inland ports of the Lehigh Valley and Central Pennsylvania. The goal is to create a portfolio of high-quality assets via the acquisition of individual properties as well as development opportunities. www.woodmontind ustrialpartners.com
