Lebanon County, Pennsylvania and Atlanta, Georgia
CBRE Global Investors Acquires Newly Built 1.4M-Square-Foot East Coast Logistics Portfolio
01 Dec 2020
A fund sponsored by CBRE Global Investors has acquired a 1,421,680-square-foot logistics portfolio comprised of two assets in Lebanon County, Pennsylvania, and in a suburb of Atlanta.
The first asset is located at 53 Central Boulevard in Myerstown, Pennsylvania. Located within the Central Logistics Park, the building spans 832,000 square feet and was completed in 2018. The property sits on a 72.85-acre site and features an ESFR fire suppression system; 36’ clear height; cross-dock loading; 54’ x 50’ and 54’ x 60’ column spacing; and a 190’ truck court. The building is partially occupied by a leading third-party logistics provider, with remaining square footage available for lease. The CBRE National Partners Northeast team comprised of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki marketed the facility and negotiated the terms of the sale on behalf of the seller.
1380 Jesse Cronic is located within Park 85 in Braselton, Georgia and spans 589,680 square feet. The recently completed facility features an ESFR fire suppression system; 36’ clear height; cross-dock loading; a 520’ deep cross-dock configuration; and a 190’ truck court. The facility benefits from multi-tenant design with multiple storefronts and is currently available for lease. The CBRE National Partners Southeast team of Chris Riley, Frank Fallon and Trey Barry marketed the facility and negotiated the terms of the sale on behalf of the seller.
“Each of these assets are located in very populated areas and in growing industrial submarkets. We believe that demand for state-of-the-art logistics space in these areas will continue to increase as more people rely on e-commerce,” said Gary Jaye, Senior Managing Director and Head of Commercial Acquisitions for CBRE Global Investors.
Robert Perry, Head of Strategic Partners U.S. for CBRE Global Investors, added, “This acquisition is part of a broader strategy to invest in core-quality assets in the top logistics markets in the U.S. Both properties were recently delivered to market and include state-of-the-art features that today’s industrial users are targeting.”
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
The first asset is located at 53 Central Boulevard in Myerstown, Pennsylvania. Located within the Central Logistics Park, the building spans 832,000 square feet and was completed in 2018. The property sits on a 72.85-acre site and features an ESFR fire suppression system; 36’ clear height; cross-dock loading; 54’ x 50’ and 54’ x 60’ column spacing; and a 190’ truck court. The building is partially occupied by a leading third-party logistics provider, with remaining square footage available for lease. The CBRE National Partners Northeast team comprised of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki marketed the facility and negotiated the terms of the sale on behalf of the seller.
1380 Jesse Cronic is located within Park 85 in Braselton, Georgia and spans 589,680 square feet. The recently completed facility features an ESFR fire suppression system; 36’ clear height; cross-dock loading; a 520’ deep cross-dock configuration; and a 190’ truck court. The facility benefits from multi-tenant design with multiple storefronts and is currently available for lease. The CBRE National Partners Southeast team of Chris Riley, Frank Fallon and Trey Barry marketed the facility and negotiated the terms of the sale on behalf of the seller.
“Each of these assets are located in very populated areas and in growing industrial submarkets. We believe that demand for state-of-the-art logistics space in these areas will continue to increase as more people rely on e-commerce,” said Gary Jaye, Senior Managing Director and Head of Commercial Acquisitions for CBRE Global Investors.
Robert Perry, Head of Strategic Partners U.S. for CBRE Global Investors, added, “This acquisition is part of a broader strategy to invest in core-quality assets in the top logistics markets in the U.S. Both properties were recently delivered to market and include state-of-the-art features that today’s industrial users are targeting.”
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.