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Heritage Capital sells 2.5M s/f industrial portfolio

Cushman & Wakefield has arranged the sale of the Interstate Industrial Portfolio, which consists of 15 buildings spanning 2.57 million square feet across Harrisburg, PA; Columbus, OH; Albany, NY; Syracuse, NY; and Rochester, NY.

Cushman & Wakefield’s David Bernhaut, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, Heritage Capital Group, in the transaction.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Alex Lapidus and Meredith Donovan arranged $114.2 million in acquisition financing for the buyer. The loan was provided by an affiliate of LoanCore Capital.

“This is an ideal portfolio of well managed buildings that have a history of strong leasing and occupancy,” said Bernhaut. “With the potential to increase rents across the board, these properties are a great addition to the purchaser’s industrial portfolio.”

The portfolio offers exceptional regional accessibility. In addition, the Interstate Industrial Portfolio boasts an average clear height of 29 feet, ample loading and parking and minimal office finish. The portfolio is 97% leased to a diversified tenant base.

The portfolio includes the following properties:

  • 1001 Air Park Drive in Harrisburg: a 132,808-square-foot property with 25 dock doors, one drive-in door and 30-foot clear heights. The building is 100% leased to two tenants.
  • 1011 Air Park Drive in Harrisburg: a 153,023-square-foot property with 30 dock doors and 20-foot clear heights. The building is 100% leased to three tenants.
  • 2294 Molly Pitcher in Harrisburg: a 621,400-square-foot property with 40 dock doors, two drive-in doors and 32-foot clear heights. The building is 87.8% leased to two tenants.
  • 3530 E. Pike Road in Columbus: a 300,000-square-foot property with 13 dock doors, one drive-in door and 30-foot clear heights. The building is 100% leased to one tenant.
  • 16725 Square Drive in Columbus: a 130,735-square-foot property with 26 dock doors, one drive-in door and 24-foot clear heights. The building is 100% leased to one tenant.
  • 4 Marway in Rochester: a 61,816-square-foot property with five dock doors, one drive-in door and 22-foot clear heights. The building is 100% leased to one tenant.
  • 5 Marway in Rochester: a 51,275-square-foot property with 13 dock doors, two drive-in doors and 36-foot clear heights. The building is 98% leased to nine tenants.
  • 8 Marway in Rochester: a 62,880-square-foot property with nine dock doors and 30-foot clear heights. The building is 100% leased to two tenants.
  • 8 NIP in Albany: a 191,321-square-foot property with 26 dock doors, two drive-in doors and 24-foot clear heights. The building is 100% leased to three tenants.
  • 21 NIP in Albany: a 100,065-square-foot property with 20 dock doors and 36-foot clear heights. The building is 100% leased to two tenants.
  • 22 NIP in Albany: a 104,000-square-foot property with 18 dock doors, one drive-in door and 30-foot clear heights. The building is 100% leased to one tenant.
  • 4472 Steelway Blvd – A in Syracuse: a 378,500-square-foot property with 32 dock doors, four drive-in doors and 28-foot clear heights. The building is 100% leased to three tenants.
  • 4472 Steelway Blvd – B in Syracuse: a 160,123-square-foot property with 16 dock doors and 28-foot clear heights. The building is 100% leased to two tenants.
  • 4580 Steelway Blvd – C in Syracuse: a 40,644-square-foot property with seven dock doors, one drive-in door and 22-foot clear heights. The building is 100% leased to one tenant.
  • 4580 Steelway Blvd – D in Syracuse: a 82,356-square-foot property with 18 dock doors and 22-foot clear heights. The building is 100% leased to one tenant.
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