NEW JERSEY—WoodmontPartners, based in Fairfield, N.J., has acquired 34 East Main Street in New Kingstown, Pa., a 179,200-sq.-ft. warehouse building, from Lexmain Realty Ventures. Gerard Blinebury, Jr., Pat McBride and Adam Campbell of Cushman & Wakefield in Philadelphia represented both the buyer and seller in the transaction.
The acquisition is the second for Woodmontthis year.
Built in 1981, 34 East Main Street is a food-grade warehouse located on Route 11 near the Pennsylvania Turnpike and Interstate 81. The rail-serviced property has 20 loading docks, 10 rail doors, a 24-ft. ceiling height, 1,200 amps of power, 40 surface parking and 20 trailer spaces.
Woodmont plans to invest $500,000 for renovations before returning the currently vacant building to the market in early 2013.
“We view this acquisition as a tremendous value-add opportunity because the property is one of a handful of freestanding warehouse/distribution facilities of 150,000-250,000 sq. ft. that are immediately available in the active Harrisburg region,” said Eric Witmondt, principal of Woodmont Industrial Partners. “This location allows access to over 35 percent of the U.S. population and 50 percent of Canadian consumers within a one-day truck drive containing more than 105 million sq. ft. of inventory.”