954 Centerville Road
954 Centerville Road
As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer a 100% fee interest in 954 Centerville Road for sale. This 1,370,200 square foot logistics facility has been occupied by Unilever PLC since it’s completion, which recently renewed its lease through October 2027. The property is ideally located in Newville, PA, along the I-81 Corridor, amidst the highest concentration of million square foot distribution facilities nationwide.
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Gerard J. Blinebury, Jr., joined Cushman & Wakefield in 2001 and currently serves as Vice Chairman of the Industrial Brokerage Group and Partner in Cushman & Wakefield’s Industrial Advisory Group (IAG), specializing in the Industrial Asset Class throughout Eastern Pennsylvania. Mr. Blinebury has a broad range of experience working with institutional owners and corporate users throughout the I-81 and I-78 corridors as well as the Suburban Philadelphia Industrial Markets. This experience includes agency leasing, building sales, land sales, tenant/ buyer representation and the marketing of investment grade industrial buildings and industrial parks. Prior to joining Cushman & Wakefield, Mr. Blinebury was associated with Kissinger, Bigatel & Brower, a full-service real estate firm in State College, Pennsylvania.
- Property Type
- Deal Type
- Risk Profile
- Core Plus
I-81, I-76/PA Turnpike, I-83, and I-281 provide access to NYC, Washington DC, Philadelphia and the eastern seaboard making the Corridor a hub for occupiers such as Walmart, Lowes, Amazon, Georgia Pacific and FedEx.
The property features 32’6” clear heights, 155 loading positions, 447 trailer parks, three drive-in doors, and 185’ foot truck court depth. Unilever is global consumer goods company, selling a variety of personal care, refreshment, food and homecare products across the world. Headquartered in the UK with 148,000 employees globally, the company sells brands such as Ben & Jerry’s, Vaseline, Hellman’s Mayonnaise, Dove Soap and Lipton Teas.
Fully leased through 2027 at a contract rent of $4.90 per square foot vs $7.50 market. 954 Centerville Road represents an opportunity to collect predictable cash flow from an investment grade occupier with significant upside upon lease expiration.
- One mile from I-81 and 20 minutes miles from I-76 and the PA Turnpike
- Within a four-hour drive of Baltimore, New York City, Philadelphia, Pittsburgh and Washington DC
- Four of the top 10 US MSA’s within a one-day truck drive
Institutional Quality Asset
- Sticky investment grade tenant who has occupied the building since 2012
- 155 loading positions, 447 trailer parks, three drive-in doors, and 185’ truck court depth
- 402 car parks and 447 trailer parking
- $4.90/SF contract rent vs market rent of $7.50
- $5.2 million increase in NOI over six years
- Attractive basis below replacement cost
- 27.4 MSF of absorption in the I-81/I-78 Corridor in 2022
- 62% growth in I-81/I-78 corridor asking rents over the last five years
- Cumberland County vacancy of 0.8%