York Logistics Hub trades for $73M

PHILADELPHIA, August 25, 2021 – JLL Capital Markets announced today that it has closed the $73 million sale of and secured a $48.2 million acquisition loan for York Logistics Hub, a three-building complex comprising 1.4 million square feet of industrial and manufacturing space within the Pennsylvania community of York.

JLL marketed the property on behalf of the seller, Patriot Equities. SK Realty Management purchased the asset. Additionally, working on behalf of the new owner, JLL placed the three-year, floating-rate acquisition loan with a regional bank.

The 72.5-percent-occupied York Logistics Hub comprises the South Campus, North Campus and West Office Tower, which, together, are home to 13 tenants. South Campus is a 743,413-square-foot industrial facility anchored by Johnson Controls, which occupies 71 percent of the building for its mission-critical manufacturing operation. North Campus is a 548,632-square-foot industrial warehouse facility with redevelopment potential. South and North Campus features clear heights ranging from 15 to 46 feet, 34loading doors, 27 drive-in doors, 12 interior loading doors and ample parking. The West Office Tower is a 116,255-square-foot, multi-story office tower with the potential to redevelop into a Class A industrial property.

Situated at 601, 621 and 631 S. Richland Ave., York Logistics Hub is in York, a south-central Pennsylvania community near Harrisburg and within the Central Pennsylvania Industrial market. The property is along Route 30 (Lincoln Highway) and two miles from Interstate 83, providing access to the region’s critical highway infrastructure. This infill location allows tenants to reach 412,401 residents within a 30-minute drive, along with the access to over 40 percent of the U.S. population, six of the top 10 U.S. MSA’s and more than 50 percent of the Canadian population all within a day’s drive.

The JLL Industrial Capital Markets team representing the sellers is led by Senior Managing Director John Plower and Director Ryan Cottone, along with Senior Managing Director Jeff Lockard with JLL Industrial Brokerage.

The JLL Debt Placement team representing the borrower included Senior Managing Director Chad Orcutt and Director Michael Pagniucci.

“York is a fantastic industrial location, as it has a strong labor base and good connectivity to Harrisburg and Baltimore,” Plower said. “The sales process saw very strong interest from a wide array of investors and developers, given the great in-place cash flow with the potential in the future for re-development of new Class A warehouse.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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