LOS ANGELES – October 5, 2015 – A fund advised by CBRE Global Investors has acquired Park 81, a Class A 100 percent NNN-leased, single-tenant distribution/warehouse industrial building in a key distribution corridor of Central Pennsylvania. The newly delivered build-to-suit property totals 1,495,720 square feet.
Park 81 is located at 234 Walnut Bottom Road in Shippensburg, Pennsylvania, within the I-81/I-78 Distribution Corridor, which is consistently ranked as one of the top submarkets for big box distribution centers throughout the United States. This market is one of the largest and fastest-growing industrial markets in North America. Driving factors of the submarket include: multi-modal infrastructure, low operating costs, regional parcel and freight hubs, strong concentration of third-party logistics suppliers, super-regional highway infrastructure and an abundant labor force.
Park 81 offers the state-of-the-art features demanded by today’s distribution/warehouse users including: double-wide stacking lanes at the entrance; cross-docking configuration; ESFR sprinklers; 56 x 50-foot deep column spacing; 60-foot speed bay; 36-foot clear height; 249 trailer parking spaces which are expandable to 358; 114 car parking spaces which are expandable to 189; 150 dock doors plus 132 knock-out panels; and T-5 fluorescent lighting.
“The growth of the Central Pennsylvania industrial submarket is evidenced by an influx of corporate users entering and expanding into the market,” said Kim Hourihan, CBRE Global Investors Portfolio Manager. “Park 81 is aligned with our investment criteria of acquiring industrial assets with strong in-place cash flow and long-term leases to quality tenants and gives us access to a primary big box logistics corridor.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.4 billion in assets under management* as of June 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.