Class A industrial portfolio in Middletown, PA trades hands

PHILADELPHIA, Aug. 26, 2024 – JLL Capital Markets announced the sale of Core5 at Middletown, an industrial portfolio featuring two newly constructed, fully leased Class A buildings located in Middletown, Pennsylvania.

JLL represented the seller, Core5 Industrial Partners, in the transaction. EQT Exeter Real Estate Income Trust, Inc. acquired Building 1 for $170.5 million, while MDH Partners purchased Building 2 for $45.4 million.

Both buildings were delivered in 2023 and offer best-in-class, new generation specifications for bulk distribution full truck circulation with multiple curb-cut entrances. The portfolio is fully leased to a global e-commerce leader with approximately 10-years of weighted average lease term.

Totaling 1,219,021 square feet, Building 1, located at 3327 E Harrisburg Pike, features 40-foot clear heights, cross-dock loading, 224 dock doors, LED lights and an ESFR sprinkler system. Situated at 3751 E Harrisburg Pike, Building 2 spans 305,870 square feet, offering 36-foot clear heights, single-side loading, 50 dock doors, LED lights and an ESFR sprinkler system.

The portfolio is located on the East Shore of Harrisburg, and immediately off Pennsylvania Route 283, which provides access to major interstates including I-76 (Pennsylvania Turnpike), I-81, I-83 and I-78. Additionally, Core5 at Middletown benefits from its proximity to UPS's recently completed 775,000 square foot East Zone Regional Hub, the fourth largest UPS facility in the country, the expansive 121-acre FedEx distribution campus and Harrisburg International Airport.

The JLL Investment Sales and Advisory team was led by Senior Managing Director John Plower, Senior Managing Director and Industrial Capital Markets Co-Leader John Huguenard, Director Ryan Cottone, and Associate Zach Maguire, alongside their partners on the industrial brokerage team led by Paul Torosian and Jeff Lockard.

“Our team is proud to have partnered with Core5 Industrial Partners to see this project through its life cycle, as the leasing and sales agents,” said Plower. “The property represented an exceptional opportunity for both buyers to acquire cash flowing, best-in-class assets at irreplaceable locations.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Core5 Industrial Partners is an industrial real estate property company with expertise in development of Class-A properties featuring the latest innovations throughout the United States. Headquartered in Atlanta, Georgia, Core5 has development activity in Atlanta, Chicago, Cincinnati/Northern Kentucky, Columbus, Dallas, Houston, Indianapolis, Los Angeles/Inland Empire, Louisville, Memphis, Nashville, Pennsylvania, Phoenix, San Antonio and South New Jersey with expansion plans to additional key logistic hubs in the US. Founded in 2015, the company has developed or begun construction on 52 million square feet since inception. Immediate access to capital, coupled with the ability to financially support deals on their balance sheet without utilizing third party resources on most transactions, Core5 executes quickly without layers of bureaucratic, time-consuming processes. The company is privately held by 180-year-old Japanese-based Kajima Corp – one of the world’s largest A credit-rated construction companies with whom C5 leadership has sustained a 30+ year working relationship. Named for its five core principles, the company values are centered around a highly flexible entrepreneurial spirit promising follow through on commitments with an emphasis on relationships, excellence in quality, attention to detail and quick decision making. For more information on Core5 Industrial Partners, visit www.c5ip.com.

EQT Exeter Real Estate Income Trust, Inc. (“EQRT”) is an externally managed non-traded perpetual life REIT, which is designed to provide investors access to a global, vertically integrated real estate platform. Combining Exeter Property Group LLC’s heritage as a pioneer in the logistics industry and belief in the importance of innovation, EQRT targets real estate critical to the functioning of America’s supply chain and its ongoing leadership in research and development-driven sectors, including life sciences, healthcare and information technology.

MDH Partners is an Atlanta-based real estate investment company managing its discretionary funds targeting industrial real estate across the United States on behalf of its institutional investors. Founded in 2005 as the successor to a fifty-year-old local real estate development company, MDH Partners has led and/or participated in over $6 billion (80 million square feet) of acquisitions, developments and asset management as an advisor and investor. For more information, visit mdhpartners.com.