MIDDLETOWN, PA—After transforming Capital Logistics Center into one of the most modern logistic and industrial parks in Pennsylvania, Woodmont Industrial Partners and AEW Capital Management have sold the asset to Dermody Properties, which develops and operates industrial properties across the country. Citing Dauphin County, PA, property records, the central Pennsylvania news website PennLive.com reported the sale price was approximately $76.1 million.
Woodmont and AEW finalized the sale following an extensive capital improvement program of the six-building, 1.55-million-square-foot complex in Middletown, PA. The partnership constructed the new industrial facilities to replace the antiquated structures that previously occupied both 200 and 300 Capital Lane. Cushman & Wakefield's IAG Northeast Region leads Gerry Blinebury, executive director, in Harrisburg, and Gary Gabriel, executive vice president, in East Rutherford, represented the seller. The buyer was represented in-house.
“Dermody Properties is very pleased to acquire this well-located five-building business park in Central Pennsylvania,” says Eugene Preston, Dermody's partner for its Eastern Region. ”The property fits well in our company's portfolio from both a tenant roster and geographical diversification perspective. Dermody Properties is growing the portfolio with a mix of building acquisitions and development projects.”
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