Hillwood Investment Properties (Hillwood), a Perot company, has purchased Key Logistics Park (Building C), a 1.17 million square foot warehouse/distribution facility in Newville, PA. The price paid for the asset was not immediately available.
Constructed in 2009, the facility resides on an 80-acre site located off I-81 at Exit 37, near the junction of a major distribution route serving a number of large population centers in the northeastern United States.
The property resides in the Central Pennsylvania logistics corridor with access to area truck terminals, the FedEx and UPS Freight facilities and Norfolk and CSX terminals. The property has one tenant, Office Depot, leasing 600,000 square feet in 2010. The remaining 570,000 square feet is available for lease and is currently the only available Class A vacancy greater than 500,000 square feet in the Central Pennsylvania market.
CB Richard Ellis in Harrisburg, PA, led by Michael Hess, Senior Vice President, Patrick M. Lafferty, Senior Vice President and Bart Anderson, Vice President, were brokers on the deal. The same CB Richard Ellis team is currently marketing the 570,000-square-foot vacancy for lease.
Key Logistics Park is located at 950 Centerville Road in Newville, Cumberland County, Pennsylvania.
Hillwood is best known for its Alliance brand that includes the 17,000-acre AllianceTexas, 4,474-acre AllianceFlorida at Cecil Commerce Center, and 2,000-acre AllianceCalifornia.