The Capital Logistics Center in Middletown, Pennsylvania has sold for $76.1 million to an affiliated entity of Dermody Properties. The five-building industrial portfolio total 1,296,494 square feet and are 74 percent occupied with an additional 133,800 square feet remaining for development. The center was built in 1998 on a 100 acre site in the I-81 industrial corridor. Cushman & Wakefield’s represented the seller, a joint venture partnership between Woodmont Industrial Partners and AEW Capital Management. “This transaction represents a multitude of asset classes including stabilized core product, vacant value-add product and additional land development,” said Gerry Blinebury of Cushman & Wakefield. “In addition to the highly desirable location, extensive renovations completed by Woodmont/AEW leave the assets well-positioned for the user community, as evidenced by a major food distributor’s recent decision to occupy 400,000 square feet of class A space.”
