NEWVILLE, PA — Hillwood Investment Properties (Hillwood) announced today that it has purchased Key Logistics Park (Building C), a 1,170,000 square foot warehouse/distribution facility in Newville, Pennsylvania. Constructed in 2009, the facility resides on an 80-acre site conveniently 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 easy 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.
“Hillwood is pleased to add Key Logistics Park to our investment portfolio in the central Pennsylvania market,” said Gary Frederick, Senior Vice President with Hillwood Investment Properties. “We are focused on locations, like Key Logistics Park, that will provide significant operational advantages to our clients and create growth in the marketplace. We are confident Key Logistics Park will achieve these goals.”
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, a Perot company, is ranked as one of the top commercial real estate investors and developers in the country and the top residential developer in Dallas-Fort Worth. The company's developments currently house facilities for 65 companies listed on the Fortune 500, Global 500 or Forbes List of Top Private firms. 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. For additional information about the company, please visit www.hillwood.com.