Cushman & Wakefield National Industrial
9500 W. Bryn Mawr Avenue
Rosemont, IL 60018
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Release Date: Thursday, January 08, 2015
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Evergreen Property Trust LLC Acquires 2400 and 2404 Gettysburg Road from IndCor
CAMP HILL, Pa., Jan. 8, 2015 – A two-building industrial property in Camp Hill has traded from IndCor Properties to Evergreen Property Trust LLC in an off-market sale orchestrated by Cushman & Wakefield. The assets at 2400 and 2404 Gettysburg Road total 148,000 square feet.
Pat McBride, Adam Campbell and Gerry Blinebury of Cushman & Wakefield's Harrisburg office, and Leah Balerno and Marie Connell of the commercial real estate services firm's Philadelphia office represented IndCor in the disposition. Jason Grace, senior vice president, CCIM, SIOR with Landmark Commercial Realty served as broker for the buyer.
"The 24,000-square-foot 2400 Gettysburg Road building is fully occupied," said McBride.
The 124,000-square-foot 2404 Gettysburg Road currently is also occupied, and plans have been submitted for a 43,000-square-foot expansion. "The Central Pennsylvania industrial market includes approximately 110 million square feet of distribution product with a vacancy rate of about 5 percent," McBride said. "It remains a solid market in terms of tenant and investor demand. Within that context, the Gettysburg Road properties have notable upside potential and occupy an excellent location just of Route 581, less than one mile from the transportation infrastructure that services this region."
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In the U.S. alone in 2013, this group completed nearly 6,700 industrial real estate transactions (excluding Capital Markets transactions) totaling 238.74 million square feet. The aggregate value of these transactions was greater than $7.34 billion.