A 15-building, 2.5-million-square-foot portfolio of warehouse and industrial space situated in New York, Ohio and Pennsylvania is on the market for sale through Eastern Consolidated priced at $97 million.
Eastern Consolidated shairman Peter Hauspurg with executive managing director R. Stuart Gross are spearheading the marketing initiative for the sale of the portfolio on behalf of the seller, a private family of investors.
“This offering could serve ideally as 1031 exchange,” said Gross, “and the current owner is open to remaining in place to continue operations. The quality of the real estate is sound, the locations are prime, there is attractive in-place debt financing, and the tenant base is diverse and creditworthy.”
According to Hauspurg, “Acquiring the portfolio represents a rare opportunity for an investor to generate current cash flow as well as enjoy attractive value-added returns from an exceptional collection of assets.”
The portfolio offers a deep discount to replacement cost and it represents a significant opportunity to invest in high barrier to entry markets.
Ownership has managed and upgraded the properties with over $5.6 million spent in capital improvements since 2007. The buildings are all strategically located, offering direct access to major interstate highways.
The buildings are located in Chambersburg and Middletown, Pennsylvania; Liverpool, Guilderland, and Rochester, New York; and Marysville and Zanesville, Ohio.
The 621,000- s/f warehouse for office supplier Staples in Chambersburg features state-of-the art robotics distribution, and the 104,000 s/f warehouse in Guilderland accommodates McLane Company, a supply chain organization. Sumitomo Electric is a tenant at the Marysville facility in addition to various of the Rochester locations.