Cushman & Wakefield announced it has arranged the sale of 3419 Ritner Highway, a 1,215,240-square-foot (sf) warehouse distribution facility in Newville, PA. The final sale price was $85,000,000.
The Cushman & Wakefield team of Gerry Blinebury, Gary Gabriel and Adam Campbell represented the seller, Artemis Real Estate Property, in the transaction. Exeter Property Group acquired the asset.
“We’re thrilled to have had a hand in the largest single address speculative building sale that the I-81 market has seen,” said Gerry Blinebury. “With more than six million square feet of pending tenant activity, the southern I-81 corridor is experiencing the tightest vacancy rate it has seen in years, which will continue into 2021 until new development can replenish the supply.”
3419 Ritner Highway sits on 85.3 acres off of I-81 at Exit 37. The property boasts a 60-foot loading bay, four electrically operated drive-in doors, 120 manually operated truck dock doors equipped with levelers, a 200-foot truck court, LED high-bay lighting fixtures with integral motion sensors, 249 auto parking spaces and 243 trailer parking spaces.
The asset is conveniently located just 8.9 miles from Exit 44W, which is home to a multitude of other distribution facilities.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit
www.cushmanwakefield.com
