INDUSTRIAL REDEVELOPMENT TO FEED DEMAND IN CENTRAL PENNSYLVANIA
On behalf of Boston-based High Street Realty Company, JLL has closed the sale, and announced the redevelopment, of 57 Grumbacher Road in York, Pennsylvania. The +278,000 square foot industrial warehouse and distribution facility is situated on 11.847 acres, boasts 6,000 square foot office space and is strategically located on Interstate 83 offering convenient access to the surrounding highway network and the state capital of Harrisburg.
“High Street Realty Company recognized the potential of this asset, and envisioned a more functional and productive industrial property that will contribute to the economic development of the capital region and its clients,” said JLL Executive Vice President W. Jason Webb.
Capital improvements programmed for the project include exterior renovations to the building and parking areas, the demolition of site constraints, and upgrades to interior lighting and fire repression systems. The redevelopment is scheduled to be completed mid-year.
Accompanying the 57 Grumbacher offering, High Street Realty Company and JLL are also marketing an adjacent 3.81 acre parcel which can accommodate a freestanding building of +/- 54,000 s.f. or can be used for additional trailer parking.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.