JLL completes sale of distribution warehouse amidst continued growth in leading industrial market
On December 19, JLL’s Capital Markets experts completed the sale of 301 Railroad Ave, a multi-tenant distribution warehouse in Shiremanstown, PA. JLL served as the exclusive representative of First Industrial Realty Trust, which sold the 254,449 SF property to an affiliate of Penwood Real Estate Investment Management, LLC.
Senior Vice President John Plower led a JLL team including Managing Director James Galbally and Senior Vice Presidents Brett Grifo and Chad Orcutt on the sale.
Upon closing, the 14.19-acre property was 100% occupied by four tenants.
Asking rents for such well-positioned industrial space continue to grow in the Central Pennsylvania industrial market. Furthermore, Harrisburg’s coveted West Shore pocket - where 301 Railroad Ave is located – has consistently outperformed other Central Pennsylvania submarket clusters in terms of rent growth, occupancy levels and leasing velocity. Mainly due to the availability of labor and strategic proximity to Interstates 81 and 83 and the Pennsylvania Turnpike, the West Shore has attracted a host of well-known corporate neighbors such as FedEx, UPS, and Quaker Oats.
“As location always plays a critical role in investment decisions, 301 Railroad Ave offered a strong advantage that generated investor interest,” said Plower. “The warehouse boasts an attractive in-fill location in one of the country’s strongest performing industrial markets.”
Additionally, 301 Railroad Ave underwent a series of renovations in 2005, in 2012, and from 2014-2016. As a result, the warehouse boasts high-efficiency T5 lighting; a high output, high volume ESFR sprinkler system; new loading doors; and additional car parking.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.