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Keystone Adds 500,000 SF to Distribution Portfolio

PHILADELPHIA-The $20-million purchase of a 507,000-sf distribution facility in Middletown, PA, takes the West Conshohocken, PA-based REIT's Pennsylvania portfolio close to 7 million sf. The facility outside Harrisburg is fully leased to Sears Logistics Services for four more years.

By Marita Thomas | Updated on January 07, 2003

PHILADELPHIA-West Conshohocken, PA-based Keystone Property Trust has paid $20 million, or $39.45 per sf, for a 507,000-sf distribution facility at 2040 N. Union in Middletown, PA. The property is 100% leasedto Sears Logistic Services for the next four years.

The sellers are Mark G. Caldwell and Martin L. Grass, trading as Double M Development Co. The Cassidy and Pinkert brokerage firm represented both the buyer and seller in the transaction.

“We had identified this property in late 2002 as a potential acquisition due to its strategic location in the East-shore submarket of Harrisburg, located just east of I-283 near Exit 19 of the Pennsylvania Turnpike,” says A. Donald Chase Jr., senior vice president of investments for Keystone, in a statement. He adds the purchase “represents our continued commitment to one of the strongest warehouse/distribution markets in the Eastern US.”

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