After Transforming Capital Logistics Center (CLC) into one of the most modern logistic and industrial parks in Pennsylvania, CLC was recently sold to Dermody Properties, a developer and operator of industrial properties across the country.
A joint venture partnership of Woodmont Industrial Partners (WIP) and AEW Capital Management, L.P., on behalf of its closed-end opportunistic real estate fund AEW Partners VI, 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.
In 2016, Woodmont and AEW completed nearly 500,000 square feet of positive net absorption including a full-building lease with a multinational food manufacturing company at 200 Capital Lane. The 400,060-square-foot, state-of-the-art facility achieved LEED Silver certification shortly after being constructed in 2014. Additionally, WIP and AEW Capital signed a 77,987-square-foot lease with full-service freight transportation provider Estes Express Lines at 400 Capital Lane, bringing the building to full occupancy.
“Our decision to heavily invest in the renovation of Capital Logistics Center over the past several years was validated with this sale,” said Eric Witmondt, principal of Woodmont Industrial Partners. “We were able to position this property to coincide with a strong demand in the market and attract quality tenants, which ultimately led to the right timing for this sale. We look forward to continuing our successful relationship with AEW and plan to remain active in the Harrisburg market.”
Situated on more than 100 acres in Central Pennsylvania, at the heart of the I-81 Distribution Corridor, Capital Logistics Center fronts the Pennsylvania Turnpike and is less than a mile away from Harrisburg International Airport. The property is also near local FedEx and UPS facilities, as well as routes I-283, I-83 and 322.
“As demand for Class A industrial product in the Northeast continues to grow, so too does our portfolio,” Witmondt said. “In 2017, we will continue to capitalize on opportunities to acquire properties that are ripe for revitalization in key submarkets throughout the region.”
About Woodmont Industrial Partners
Woodmont Industrial Partners is an affiliate of Fairfield, New Jersey-based Woodmont Properties, a leading real estate development and management firm established in 1963. Woodmont Industrial Partners was formed in 2011 and is focused on the acquisition opportunities in select, high-barrier-to-entry and globally oriented seaports of New York/New Jersey, and the inland ports of the Lehigh Valley and Central Pennsylvania. The goal is to create a portfolio of high-quality assets via the acquisition of individual properties as well as development opportunities. www.woodmontindustrialpartners.com
About AEW Capital Management
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $64.4 billion of property and securities in North America, Europe and Asia (as of March 31, 2017). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Düsseldorf, Hong Kong, Singapore and Sydney, as well as additional offices in eight European cities. For more information, please visit www.aew.com.
