Overview
As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer the opportunity to acquire a 100% fee interest in Harrisburg Infill Portfolio. This 497,048 square foot fully leased industrial portfolio is made up of three buildings located in the Central Pennsylvania submarket (CPA). All three assets sit just outside Harrisburg and are surrounded by many quality tenants including UPS, Komatsu, Amazon, FedEx, and GXO.
Located along the I-81/78 Industrial Corridor, Harrisburg Infill Portfolio offers potential buyers the chance to purchase three quality infill assets with the opportunity to add value in the short term. The Corridor currently spans over 438 MSF of inventory with a recorded 18.3 MSF of absorption and 22.7 MSF of leasing activity in 2023. The portfolio is situated in the CPA submarket, where vacancy sits at 2.2% in Q1 2024.
Investment Highlights
Value Creation
- In place rent 13.5% below market
- Discount to replacement cost
- 32% NOI growth over 5 years
Connectivity to Markets & Labor
- 60 million consumers within a 5-hour truck drive
- 225,000 blue collar workers in CPA
- 4 of the top 11 US MSA’s by GDP within a 1-day truck drive
Strategic Logistics Footprint
- Diverse rent roll with quality tenancy
- Opportunity to acquire three infill assets in a high barrier to entry market
- Strong tenant demand and historically low vacancy market
I-81/78 Market Dynamics
- Market vacancy holds strong at 5.7%
- The Corridor absorbed 18.3 MSF of product in 2023
- 5.7 MSF of leases signed this year
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