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Keystone Pays $48M for Six-Building Distribution Center

HARRISBURG, PA-Capital Business Center is the West Conshohocken, PA-based

By Marita Thomas | Updated on March 31, 2003

HARRISBURG, PA-West Conshohocken, PA-based Keystone Property Trust pays $47.5 million for Capital Business Center here. It is a six-building, 1.5-million-sf warehouse/distribution center and Keystone’s sixth acquisition of a distribution asset in the Harrisburg area in less than six months.

The center is 100% occupied at an average rental rate of $3.42 per sf. Half of the space is leased by Exel Logistics. Keystone anticipates a rise in rental rates from the $3-per-sf it is currently receiving on the older buildings in the property once Exel renews its existing lease or new tenants are found.

The cost of new construction here is estimated at between $37 per sf and $39 per sf in contrast to Keystone’s acquisition cost of $32 per sf.

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