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Keystone Pays $27M for Distribution Facilities

PHILADELPHIA-In separate transactions, the West Conshohocken, PA-based REIT buys a 500,000-sf distribution center in Carlisle, PA for $37.90 per sf and a 289,242-sf distribution facility in Wilkes Barre, PA for $28 per sf.

By Marita Thomas | Updated on December 19, 2002

PHILADELPHIA-In two separate transactions, West Conshohocken, PA-based Keystone Property Trust has paid $27.05 million for distribution centers in Carlisle and Wilkes Barre, PA with an aggregate of 789,242 sf. The acquisitions bring Keystone’s fourth-quarter investment in the state to approximately 1 million sf.

The REIT paid $18.95 million, or $37.90 per sf, for the 500,000-sf Crossroads Commerce Center in Carlisle. The seller is identified as Middlesex Warehouse Investors, LP, a company formed by Conewago Contractors and Equilibrium Equities.

The facility, which fronts both the Pennsylvania Turnpike and I-81, was built in 2001. It is currently leased to Wiremold Co. on a long-term lease and Genco Distribution Systems, “providing near term rental stability and the opportunity to capture future upside rental potential,” says Keystone senior vice president of investments A. Donald Chase Jr. in a statement.

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