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| Warehouse-Distribution Property, 2 Ames Drive, Carlisle, PA |
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| Michael HInes |
PHILADELPHIA, PA, Feb.17,
2016 – American Realty Advisors announced the acquisition of a modern,
cross-docked bulk warehouse/distribution property located at 2 Ames Drive in
Carlisle, Penn. The Class A building, which encompasses 700,000 square feet on
over 53 acres, is currently 100 percent leased to a Fortune 50 tenant through
2024.
According to Eric Cannon, American’s Senior
Director, Investments, this acquisition will make a great addition to American’s
industrial portfolio, as the purchase secures a high-quality, Class A property
that features a significant amount of recently-added landlord and tenant
improvements.
“This property is an ideal
addition to our core industrial portfolio. The center’s great location in a key
logistics market, its high quality construction, and the fact that it is fully
leased long-term to a credit tenant are three factors that we believe will
provide our investors with an attractive current income stream,” says Cannon.
The seller is a joint
venture between Dermody Properties and PCCP, LLC, which was represented by Michael Hines and Brian Fiumara of CBRE
National Partners.
The facility is located
one mile from Interstate 81 at Exit 44 in Carlisle, which is widely considered
the hub for super-regional bulk warehousing and distribution within the greater
Central Pennsylvania region.
Cannon notes that “the
I-78 / I-81 Industrial Corridor has exhibited significant net absorption in the
past several years – over 20 million square feet of industrial space was leased
from 2014 through mid-2015.
"This area has become a Tier One East Coast inland
market, with top industrial tenants including FedEx, Proctor & Gamble,
Nordstrom, Georgia Pacific, and Walmart all occupying distribution space in the
Corridor.”
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| Brian Fiumara |
“This facility provides
its tenant easy access to the region’s transportation infrastructure, including
highway, intermodal and parcel hubs, to cost effectively distribute goods
throughout the entire Northeast region,” said Gene Preston, Partner, Dermody Properties East Region Office.
Acquired by Dermody
Properties in 2012, with tenant improvements completed in late-2014, the
property features 32’ clear height, full air conditioning, 481 car spaces, 149
trailer spaces, T-5 lighting, and 8,000 amps of power, and was designed and
constructed to LEED core and shell standards.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk / Jenn Quader
for American Realty Advisors
Brower, Miller & Cole
(949) 955-7940
Julia Kruper for Dermody
Properties
(775) 686-7413
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