CUSHMAN & WAKEFIELD ARRANGES SALE OF PENNSYLVANIA INDUSTRIAL BUILDING The 290,000-Sq.-Ft. Property h
ELIZABETHTOWN, Pa., May 25, 2012 – Commercial real estate services firm Cushman & Wakefield has arranged the sale of 1499 Zeager Rd., a 290,000-square-foot industrial building in Elizabethtown, Pa. Prior to the sale, the former single-user facility had been converted to multi-tenant use.
The undisclosed seller was represented by the Harrisburg-based Cushman & Wakefield industrial team of Gerard Blinebury, Leah Balerno, and Pat McBride, and the Philadelphia-based Capital Markets Team of John Plower and Paul Torosian. Buyer Exeter Property Group was represented in-house in the direct deal.
“Our team exclusively represents the seller on a national basis, and we worked closely with them over the past three years to reposition the asset,” said Blinebury. “The property underwent a number of upgrades, and we were successful in securing several credit tenants that could utilize the building’s amenities. The pet pharmaceutical operations that occupy the building have maintained the food grade and temperature-controlled environment for which the facility was originally designed.
Among other users, 1499 Zeager Rd. is approximately 50 percent occupied by companies in the pet pharmaceutical industry – Butler Schein Animal Health and MWI Veterinary Supply. Approximately 100,000 square feet remains available for lease at the location. The 55-acre property is located within Conewago Industrial Park, just off Route 283 with proximity to interstates 78, 81 and 83 and the Pennsylvania Turnpike in South Central Pennsylvania.
Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2011, in the US. alone, this group completed more than 6,100 industrial real estate transactions – totaling 225 million square feet – with an aggregate value in excess of $6.5 billion.