Hillwood Investment Properties, a Texas company owned by businessman and former presidential candidate H. Ross Perot Sr., today announced it purchased the warehouse at Key Logistics Park in Cumberland County.
The Penn Township warehouse is home to a 600,000-square-foot distribution hub for Florida-based retailer Office Depot. The building has more than 500,000 square feet left for lease. Hillwood is searching for a tenant for the vacant side of the building, said Gary Frederick, the company’s senior vice president.
“There’s good activity in the market, so we’re optimistic we’ll find another deal to fill it up,” he said.
Hillwood has not bought any of the other sites at the logistics park built in 2008. Two more buildings are planned to give the park nearly 3 million square feet of warehousing.
The acquisition is the second in the midstate for Hillwood in less than a year. Last June, the company bought the 600,000-square-foot Key Distribution Center in Carlisle and renamed it Carlisle 44 Trade Center. Wisconsin food company Bay Valley Foods leased the center in January.
Hillwood also owns 1.4 million square feet of warehouse space in Lebanon County leased to food manufacturer General Mills and is seeking more acquisitions in Central Pennsylvania, Frederick said.