Industrial Property Trust Buys York Industrial Building

In a deal arranged by JLL's Philadelphia Capital Markets Group, Industrial Property Trust Inc. has purchased the 312,769 square-foot industrial property at 515 Zarfoss Dr. in West Manchester Township, PA for $16.5 million. The building was sold by Endurance Real Estate Group and Thackeray Partners, who originally purchased the property for $8.075 million, or $25.80 per square foot, in 2012.

"515 Zarfoss Drive presented the opportunity for the buyer to acquire a 100 percent leased, highly-functional asset with a tenant who has an unmatched local presence and commitment to the market," said John Plower, senior vice president, JLL Philadelphia. "York County has continued to be a shining star within the Central Pennsylvania market, outperforming other locations in terms of high quality of labor, rental rates and limited vacancy." He also noted that the property was only on the market for about a month before it was sold.

515 Zarfoss Drive was originally developed in 1982 and features all the amenities required by contemporary distribution needs, including ceiling heights up to 31' clear, 28 loading doors, wet sprinkler system and approximately 6,500 square feet of office space. The property is located in the 27 million square foot Central Pennsylvania industrial market, which is widely considered one of the top performing in the United States.

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Endurance Buys York Industrial Building

ASI York, LLC, an affiliate company of Schottenstein Property Group, Inc. (SPG), sold a 624,800 square foot distribution building in York, Pennsylvania for $26 million this month. In a deal brokered by Philadelphia- based Binswanger, Endurance Real Estate Group, a diversified regional real estate company that focuses on projects in the Mid-Atlantic States, picked up the single-story distribution center. The property at 325 South Salem Church Road is located in the West Manchester Township Corporate Center, just off Route 30 and is nearby I-83.

According to a GlobeSt.com article, SPG owns interest in a diverse portfolio of more than 156 properties in 27 states in excess of 21 million square feet of gross leasable area. SPG properties are predominately anchored by national retail tenants including American Signature Inc., DSW, Inc., Bed, Bath & Beyond, Inc., Wal-Mart Stores, Inc., and TJX Companies.

For more news and information visit Blumberg Capital Partners.