405 Busser Road
405 Busser Road
As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer a 100% fee interest in 405 Busser Road for sale. Completed in 2021, the 483,770 square foot building is fully leased through May 2029 to Hill’s Pet Nutrition, a subsidiary of Colgate-Palmolive.
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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
- Core Plus
Located in York, PA along I-83, the property is also proximate to I-81, I-76/PA Turnpike and I-283, providing access to Baltimore, NYC, Philadelphia, Pittsburgh and Washington DC within a four-hour drive. Notable tenants in this market include Amazon, Chewy, FedEx, Goodyear, Harley Davidson, L’Oréal and Target.
Hill’s Pet Nutrition signed its lease during construction in the fall of 2021. The property features 36’ ceiling heights, 78 loading positions, 99 trailer parking positions, two drive-in doors, and 185’ truck court depth. Hill’s Pet Nutrition is a subsidiary of Colgate-Palmolive that produces pet food. Leased through 2029 with contract rent of $5.50/SF vs. market of $8.25/SF, 405 Busser Road represents an opportunity to acquire predictable income from a quality tenant, and $2.8M of NOI growth over 10 years.
Core Location
- Two miles from I-83, 20 minutes from I-76 PA Turnpike and 30 minutes from I-81
- Within a four-hour drive of Baltimore, New York City, Philadelphia, Pittsburgh and Washington D.C.
- Four of the top 10 US MSA’s within a 1-day truck drive
Institutional Quality Asset
- Long-term tenant with investment grade parent
- 36’ clear ceiling height, 185’ trailer court with 60’ concrete apron, 78 docks and 2
- drive-ins
- 233 car and 99 trailer parking positions
Value Creation
- $5.50/SF contract rent vs market rent of $8.25/SF
- $2.8M increase in NOI over 10 years
- Compelling basis given below market rent
Compelling Market
- 27.4 MSF of absorption in the I-81/I-78 Corridor in 2022
- Asking rents increased 45% YOY in Central PA
- York County vacancy remains at 2.8%