NEWVILLE, PA-Hillwood Investment Properties, a Perot company, is purchasing the Key Logistics Park (Building C) from Lauth Cos. The 1.17-million-square-foot property is 50% leased by Office Depot. Hillwood would not comment on how much the property sold for, however Loopnet has the property listed as selling for about $10 million.
The warehouse/distribution facility was built two years ago on 880 acres here. Office Depot has a 10-year lease on the property for 600,000 square feetf. The class A space has a remaining 570,000 square feet, which Hillwood has begun marketing through CB Richard Ellis.
CBRE's Michael Hess, Patrick Lafferty and Bart Anderson represented the buyers and sellers in the transaction. That team is also in charge of filling the vacant half of the center. Asking lease rates for the property are "approaching mid-4s" Gary Frederick, SVP for Hillwood, tells GlobeSt.com.
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