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Deals & Dealmakers

Devli acquires 460,000 s/f PA industrial property

Devli Real Estate has acquired a 461,433 s/f, 38-acre industrial property in Bedford, PA.

Located at 550 Sunnyside Road, the property is fully leased to a trio of investment grade tenants and includes expansion capabilities. The property benefits from easy access to major highways, between I-70/I-76 and Route 30 and serves the entire East Coast region.

The property features units ranging in sizes from 100,000-200,000 s/f with 21 ft. ceilings, 32 dock positions and ample parking.

“We’re confident in Pennsylvania’s industrial market as we believe it will continue to see strong rent growth over the short and long term,” said Mark Devli, CIO of Devli Real Easte.

“Supply constraints in existing industrial real estate along with rising construction costs for new product will continue to drive rental rates upwards across the board.”

COO Christopher Devli added, “550 Sunnyside is a high quality, well-maintained complex with expansion capabilities. We continue to expand our footprint of highly-functional, well-located industrial properties in the Northeast. Our team is pleased with the acquisition and the addition of this property to our growing portfolio.”

Gerry Blinebury of Cushman & Wakefield represented the buyer and the seller in the transaction.

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