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360 Independence AveMechanicsburg, PA 17055
Upper Allen Business Park
Asset ClassIndustrial
Square Feet812,425
% Leased: 100%# Tenants: 1Access Data Room
100% Leased to Reckitt Benckiser Thru April 2031
overview of deal

Overview

As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer the opportunity to acquire a 100% fee interest in Upper Allen Business Park, an 812,425-square-foot industrial facility fully leased to Reckitt Benckiser (LSE: RKT | Moody’s: A3 | S&P: A-) through April 2031.

 

Reckitt designed the Property in 2002, utilizing this site as its largest distribution location in the United States, working in tandem with manufacturing facilities in New Jersey. Reckitt has exercised three fair market renewals at the Property due to its premier location and mission critical operation within their supply chain. Reckitt’s third option term was set to expire in April 2026 with no remaining options, and Reckitt executed an early extension in September 2024, extending the term through April 2031. Reckitt’s commitment to the building was demonstrated via the acceptance of an 80% increase in rent starting in May 2026.

 

Situated along the West Shore of Harrisburg in Cumberland County, the Property sits in the most established infill submarket in the Central Pennsylvania industrial market. It offers immediate access to I-81, I-83, I-76 (PA Turnpike), and U.S. Routes 15 and 322, placing major Northeast and Mid-Atlantic markets, including New York/New Jersey, Philadelphia, Baltimore, and Washington, D.C., within a three-hour truck drive. The West Shore and Cumberland County consistently outperform other Central Pennsylvania submarkets, driven by an abundant blue-collar labor pool, infill location, high barriers to entry, and a 5.1% vacancy rate, among the lowest along the I-81/78 Corridor.

 

Upper Allen Business Park features 30-foot average clear heights, 84 loading positions, 109 trailer stalls, and a 195-foot truck court. Backed by Reckitt’s investment-grade credit profile and 25-year operating history at the property, Upper Allen Business Park represents an opportunity to acquire a mission-critical, infill asset leased to a global consumer goods leader in one of the Northeast and Mid-Atlantic’s strongest and most supply-constrained logistics markets.

 

The Property is held by entities taxable as REITs. Offers to purchase should consider a transaction form involving ownership of the REIT shares.

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Investment Highlights

INVESTMENT GRADE STICKY TENANT

  • 100% leased to Reckitt Benckiser (LSE: RKT) through April 2031
  • Investment-grade credit profile: A- (S&P) | A3 (Moody’s)
  • Reckitt has exercised three fair market renewals at the property, most recently an early extension at $9.30 PSF
  • Nearly 25 years of continuous occupancy at the property

MISSION-CRITICAL DISTRIBUTION HUB

  • 812,425 SF facility purpose-built for Reckitt in 2002
  • Serves as the company’s largest U.S. distribution location
  • 30’ average clear heights, 84 loading positions, 195’ truck court, and 109 trailer stalls
  • Operates in tandem with Reckitt’s New Jersey research, manufacturing, and HQ operations to service population centers across the Northeast and Mid-Atlantic

STRATEGIC LOGISTICS LOCATION

  • Immediate access to I-83, I-81, I-76 (PA Turnpike) and U.S. Routes 15 & 322
  • Minutes from the Harrisburg Intermodal Yard and Harrisburg International Airport
  • One-day truck reach to ~40% of the U.S. population
  • Philadelphia, New York City and Washington, D.C. within a three-hour drive

PROVEN AND DURABLE INDUSTRIAL MARKET

  • 11.1 MSF of leasing activity along the I-81/78 Corridor YTD
  • 5.5% vacancy for 700K+ SF buildings built 2000-present along the I-81/78 Corridor
  • Central Pennsylvania rents up 85% over the past five years
  • Cumberland County vacancy at 5.1%, the lowest in Central Pennsylvania
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360 Independence AveMechanicsburg, PA 17055

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