CenterSquare Value-Added Fund IV, managed by CenterSquare Real Asset Investment, with its joint venture partner, Wharton Industrial, has sold 69 Green Mountain Road in Pennsylvania. The financial terms and new owner were not disclosed; however, it was marketed for sale by Cushman & Wakefield and sold to a public REIT.
The property is a highly functional class A industrial building located in northeastern Pennsylvania, a major distribution market. The 590,000-square-foot distribution facility was built in 1999 and features 32-40’ clear heights, large truck courts, ample loading, rail capability, and further benefits from excess employee parking and trailer drops. CenterSquare has made two investments with Wharton Industrial to date.
CenterSquare and Wharton acquired the asset in October 2019. The firms executed a reposition and renovation plan on the property, including demolishing legacy sorting/racking equipment, constructing a demising wall, upgrading to LED li
