278,582-Square-Foot Distribution Facility Ideally Situated in Fast-Growing Central PA Industrial Market
Cushman & Wakefield’s Capital Markets team has orchestrated the sale of 57 Grumbacher Road in York. STAG Industrial, Inc. purchased the 278,582-square foot, one-story industrial property from High Street Realty Company, LLC for approximately $18 million.
“STAG has aggressively pursued single tenant assets in the Pennsylvania market and this acquisition is indicative of the cap rate compression in the current environment,” said Joseph Hill, Jr., executive director with Cushman & Wakefield. Hill collaborated with the team of Robert Yoshimura, Gerry Blinebury and Eric Mattson, which represented the seller.
57 Grumbacher Road is a single-tenant, functional distribution facility located in the Interstate 83 Industrial Park. The building, which underwent extensive renovations in 2015 and features 22-foot clear heights, is 100 percent leased to United Natural Foods (UNFI), a leading national distributor of organic, natural and specialty foods.
The property provides convenient access to Interstate 83 via the Exit 24 interchange, which is home to nearly 10 million square feet of industrial and manufacturing facilities, Fortune 500 companies, and brand name occupiers including GlaxoSmithKline, Starbucks and Target.
Central PA 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, and the region boasts a large and diverse employee base.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
