PHILADELPHIA, Feb. 21, 2024 - JLL Capital Markets announced today that it arranged the $78.5 million sale and $65 million in acquisition financing for an 812,425-square-foot, Class A distribution center in Mechanicsburg, Pennsylvania.
JLL worked on behalf of the seller and arranged the buyer, a joint venture between Lightstone and an affiliate of Cerberus Capital Management. JLL also represented the joint venture in the financing process in securing a loan from a fund managed by Argentic Investment Management LLC ("Argentic").
"With Lightstone Logistics, we have continued strategically expanding our holdings in the industrial sector through a creative and disciplined approach to acquisitions," said Lightstone President Mitchell Hochberg. "We're thrilled to be partnering with Cerberus on this transaction as we continue to capitalize on prime institutional quality locations across the country."
This warehouse is located on a 44.3-acre plot and was constructed in 2002. It offers a total of 82 dock-high doors, two drive-in doors 329 parking spaces, 109 trailer stalls and 195-foot truck court. The flexibility of the property is enhanced by the ability to add 10 potential loading positions, ensuring ample capacity for future growth and expansion.
The property is located at 360 Independence Ave., situated within the in-fill core pocket of the Central Pennsylvania industrial market, the West Shore of Harrisburg. The asset benefits from its proximity to I-81, I-83 and the Pennsylvania Turnpike (I-76) and has the ability to reach 50 million people within a four-hour drive, and 40% of the continental U.S. population within a 24-hour drive. It also boasts proximity to Baltimore (81.7 miles) Philadelphia (113 miles) and Washington, DC (122 miles).
The JLL Capital Markets team responsible for securing equity and debt was led by Managing Director Peter Rotchford, Senior Managing Director Andrew Scandalios and Senior Directors Michael Pagniucci and Tyler Peck. Senior Managing Director John Plower and Director Ryan Cottone led the Sales effort on behalf of the seller.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 21 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2024 21:04:33 UTC.
