Fairview Industrial Park
Fairview Industrial Park
C&W IAG Offering: Fairview Industrial Park | 137,404 SF | 3 Building Portfolio | Lewisberry, PA
- Square Feet
- 137.4 K Sq. Ft.
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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
- Industrial
- Deal Type
- Acquisition
- Risk Profile
- Value-Add
EXECUTIVE SUMMARY
As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer a 100% fee interest in Fairview Industrial Park for sale. The three (3) buildings total 137,404 square feet and are 87.4% leased to 11 tenants. Located directly along I-83 Corridor in Lewisberry, PA, the property is proximate to I-81 and I-76, providing access to NYC, Washington DC, Philadelphia, Pittsburgh and Baltimore within a 3.5-hour drive.
Fairview Industrial Park offers the opportunity to acquire three (3) quality assets with a high level of connectivity. The assets provide buyer a value-add opportunity through lease up and the ability to increase below market rents during tenant roll.
INVESTMENT HIGHLIGHTS
Access To Multiple Interstates
• Property is situated immediately off I-83 and about 5 miles from I-76
• Located within 3-hours drive of Philadelphia, NYC, Baltimore and DC Metro
• Reach 40% of the US population and 60% of Canada within a day’s drive
Value Add Opportunity
• In place weighted average rent of $6.02 vs average market rent of $8.24
• 87.4% leased with opportunity to add value through lease up
• Year 1 NOI of $871,547 and there is a 32% NOI increase over the first 5 years
Quality Tenant Story
• Strong historical tenancy
• WALT of 4.46 years on in-place leases
Strong Market Dynamics
• YTD Q421 leasing in Central PA of 13.7 MSF is up 29% year-over-year
• Central PA vacancy has dropped to 2.5% as of Q4 2021