Ares Management Pays $38M for Pennsylvania Asset
A real estate fund managed by Ares Management has purchased Middletown Logistics Center, a 251,200-square-foot industrial building in Middletown, within the East Shore of Harrisburg, Pa.
The facility changed hands for $38 million, according to Dauphin County records. JLL marketed the property for sale on behalf of Endurance Real Estate Group and procured the buyer.
Middletown Logistics Center is a recently completed, fully leased Class A industrial asset located at 2070 N. Union St. The warehouse features 36-foot clear heights, 42 loading doors, one drive-in door, 193 vehicle parking spots and 33 trailer parking spots.
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The 18-acre property is close to Interstate 76 and Harrisburg International Airport, as well as 11 miles from Harrisburg and 13 miles from Capital City Airport. Philadelphia is also a roughly 2-hour drive away.
JLL Vice Chairman Jeff Lockard, Senior Managing Director John Plower, Director Ryan Cottone and Associate Zach Maguire worked on behalf of the seller. The same team also secured a long-term lease prior to the building’s completion. Canada-based IPEX is fully occupying Middletown Logistics Center, CommercialEdge shows.
A closer look at Harrisburg’s pipeline
There are currently 13 industrial projects under construction in the Harrisburg area, totaling some 3.4 million square feet, according to CommercialEdge information. Nearly all of them are expected to come online in 2024.
A significant industrial project expected to come online this year in the Harrisburg area is PCCP’s 674,000-square-foot industrial park in York, Pa. Developed in partnership with MRP Industrial, the two-building campus is scheduled to come online in the third quarter of 2024, with Cushman & Wakefield marketing the property for lease.
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