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Release Date: Wednesday, February 26, 2014
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Harrisburg Team Named Leasing Agent for Property at 1 and 2 Ames Drive
CARLISLE, Pa., Feb. 26, 2014 – An industrial brokerage team based in Cushman & Wakefield’s Harrisburg office has orchestrated the trade of 1 and 2 Ames Drive in Carlisle, and subsequently has been named leasing agent for the warehouse/distribution property. A partnership of Dermody Properties, operating partner, and PCCP, capital partner, purchased the asset, located within the red-hot PA I-81/I-78 Corridor, from a partnership of USAA and Trammell Crow Development.
Cushman & Wakefield’s Gerry Blinebury, Adam Campbell, Pat McBride and Leah Balerno handled the sale transaction. Blinebury and Campbell are heading the leasing agency. The property includes a new, currently vacant, 700,000-square-foot building at 2 Ames Drive, as well as a land site fully approved for 602,000 square feet at 1 Ames Drive.
According to Blinebury, the region’s favorable market fundamentals – punctuated by sustained tenant activity, declining vacancies and high barriers to entry – presented an attractive investment opportunity. “Dermody Properties made a strategic decision to get back into a market where it had been extremely successful in the past,” he noted. “The company developed, leased and sold more than 3.8 million square feet within two miles of this project. This track record and Dermody Properties’ resulting familiarity with the area provide a real advantage.”
Blinebury noted that the PA I-81/I-78 Corridor’s central location, which provides direct access to more than 54 million households in the Metropolitan New York, Philadelphia, Baltimore and Washington D.C. markets, remains highly sought-after by investors and tenants alike. “Only three large-block buildings are available in the region, one of which is 2 Ames Drive,” he noted. “With no new speculative development slated to break ground in the immediate future and a healthy amount of tenant activity generated by a wide range of use categories, we expect to see strong interest from companies looking to establish or expand a presence here.”
Blinebury added that the new ownership will make several enhancements to further improve the property’s positioning. This includes completing general cosmetic improvements as well as building out some office space, upgrading the dock packages and installing lighting at 2 Ames Drive.
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 2012, in the U.S. alone, this group completed more than 7,000 industrial real estate transactions – totaling 261 million square feet – with an aggregate value in excess of $8.43 billion.