PCCP has sold a premier class A industrial facility at 3419 Ritner Highway in Newville, Pa., for $141.6 million.
JLL Capital Markets represented the seller. Working on behalf of the new owner, JLL also secured an $82 million acquisition loan through QuadReal Property Group, a global real estate investment, development and operating company. The buyer was not disclosed.
The state-of-the-art distribution center encompasses 1.21 million square feet on a 93.17-acre site and maintains 100 percent occupancy under a long-term lease with Newell Brands, a Fortune 500 manufacturer and distributor of consumer and commercial products. The company operates a diverse portfolio of more than 50 brands across learning and development, home and commercial, and outdoor and recreation segments.
The 2020-constructed facility features 36-foot clear heights, 120 dock-high doors expandable to 241, 437 trailer stalls, 265 car parking spaces and a 200-foot truck court depth.
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