Philadelphia, PA – May 24, 2012 –CBRE, Inc. (CBRE) is pleased to announce the sale of 950 Centerville Road and 1700 Ritner Highway, two Class A bulk distribution buildings located in the highly coveted Carlisle market – the epicenter of the I-81 Industrial Corridor. CBRE National Partners represented the seller, Hillwood of Dallas, Texas. The transaction was led by Michael Hines, Executive Vice President, Jack Fraker, Vice Chairman, Michael Blunt, Senior Vice President, Josh McArtor, Senior Vice President, and Brad Ruppel, Associate. An affiliate of KTR Capital Partners acquired the properties.
950 Centerville Road and 1700 Ritner Highway, completed in 2008 and 2006 respectively, total 1,772,500 rentable square feet. 950 Centerville Road, located in Key Logistics Park, is a 50% leased, 1,170,000 square foot, pre-cast concrete warehouse/distribution facility featuring 32’ clear ceiling height, cross-dock configuration, 124 dock high doors, four drive-in doors, parking for over 250 trailers and 400 cars, ESFR, and T-5 lighting. 1700 Ritner Highway is a front-load facility totaling 602,500 square feet, long-term leased to a single tenant, featuring 32’ clear, tilt-up construction, 60 dock high doors, 2 drive-in doors, 199 trailer storage positions, ESFR, and T-5 lighting.
“We are extremely pleased to represent Hillwood in the sale of these two best-in-class warehouse distribution facilities along the I-81 Corridor,” Hines said. “This transaction highlights the attraction of institutional capital to the top tier Central Pennsylvania Industrial submarket and illustrates the strong demand for state-of-the-art, Class A bulk distribution facilities in this region.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and CBRE Press Release .