STAG York, LLC Purchases 390,000 SF Industrial Property from Alliance Partners
Cushman & Wakefield’s Pennsylvania industrial team has orchestrated the sale of 2925 East Market Street in York. STAG York, LLC, a wholly owned subsidiary of STAG Industrial, Inc. purchased the 390,000-square-foot industrial property from Alliance Partners HSP for approximately $19 million. Cushman & Wakefield represented the seller.
“Alliance Partners added value through renovations and securing tenancy,” said Gerard J. Blinebury, executive director, who led the Cushman & Wakefield team of Joseph Hill, Jr., Pat McBride and Robert Yoshimura. “STAG York, LLC has the opportunity to continue to add value as they lease up the balance of this facility.”
Cushman & Wakefield has been engaged by the buyer to market the remaining 135,000 square feet, which is well-suited for warehousing and distribution. The property is conveniently located off U.S. Route 30 near Exit 21 of I-83 in South Central PA, which is one of the fastest growing industrial real estate markets due to its proximity to I-83, I-81, I-78 and the Pennsylvania Turnpike. Over 50 percent of the U.S. population is within a 10-hour truck drive.
The building is home to Stauffers Biscuit Co., which has a long-term lease totaling more than 250,000 square feet. Recently completed capital improvements include a new roof, upgraded loading docks and enhanced truck circulation.
York County is home to many large-scale distribution operations including Amazon, Harley-Davidson, Starbucks, CEVA Logistics, ES3, Caterpillar Logistics and United Natural Foods. “York County continues to be one of the strongest pockets within the Central PA industrial market,” said Blinebury. “With very little new construction and vacancy rates below 3 percent, we expect to see increased demand for functional B product.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.