Woodmont Industrial Partners Acquires 34 East Main St. in New Kingstown, PA.
FAIRFIELD, NJ – (Dec. 3, 2012)– Woodmont Industrial Partners today announced the acquisition of the 179,200-square-foot 34 East Main St. in New Kingstown, Pennsylvania, from Lexmain Realty Ventures. Gerard Blinebury, Jr., Pat McBride and Adam Campbell of Cushman & Wakefield in Philadelphia, PA represented both the buyer and seller in the transaction.
Built in 1981, the food-grade warehouse is strategically located on Route 11 near the Pennsylvania Turnpike (I-76) and I-81 in Central Pennsylvania. The rail-serviced property has 20 loading docks, 10 rail doors, a 24-foot ceiling height, 1,200 amps of power, 40 surface parking and 20 trailer spaces. Woodmont plans to immediately invest $500,000 for renovations before returning the currently vacant building to the market in early 2013.
“We view this acquisition as a tremendous value-add opportunity because the property is one of a handful of free-standing warehouse/distribution facilities of 150,000-250,000 square feet that are immediately available in the active Harrisburg region,” said Eric Witmondt, Principal of Woodmont Industrial Partners. “This location allows access to over 35% of the U.S. population and 50% of Canadian consumers within a one-day truck drive containing more than 105 million square feet of inventory.
“These features will be very attractive to tenants and after the renovations are completed, this property will dovetail nicely with our recent purchase of the 1-78 Logistics Center containing 729,000 square feet on Route 78 in Clinton, NJ,” Witmondt said.
34 East Main is the second acquisition in 2012 for Woodmont Industrial Partners, which earlier in 2012 formed a joint venture with AEW Capital Management, L.P (AEW) to acquire industrial properties in seaport and inland port markets along the Eastern U.S.
The venture acquired I-78 Logistics Center located at 111 Cokesbury Road in Clinton, N.J. earlier this yearand the ownership recently completed an improvement program to transform the facility into astate-of-the-art regional distribution center for companies that service customers throughout the Northeast. Among the capital improvements was the additionof 36 dock doors bringingthe total to 84 doors, which equates to one door per 8,700 square feet of building area. Other improvements included are the installation of T8 lighting, upgrading the HVAC, installation of an ESFR sprinkler system, painting, repaving and restriping the loading areas.
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, Baltimore and South Florida, and the inland ports of the Lehigh Valley and Harrisburg regions in Pennsylvania. The goal is to create a portfolio of high-quality assets via the acquisition of individual properties as well as development opportunities. www.woodmontindustrialpartners.com