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Marcus & Millichap Sells 927,000-Square-Foot Industrial Property for Over $12M

October 26, 2021

HARRISBURG, PA, November 2, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 927,828-square-foot industrial property located in Harrisburg, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $12,800,000.

Craig Dunkle, Chad Thomason and Mher Vartanian, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The listing team also secured and represented the buyer, another limited liability company. Beuche, Marcus & Millichap’s broker of record in Philadelphia, assisted in closing this transaction.

“Due to the uncertainty of near-term market conditions, including tax law changes and interest rate hikes, all parties worked diligently to close this transaction quickly,” said Vartanian.

The 21.3-acre property is located at 1001 Herr St in Harrisburg, PA and consists of eight industrial warehouses. At present, 15.5 of its acres are broken down into four sections occupied by PP&L Electric Utilities Corp., Capital Building Supply, Martin Logistics and Midwest Transport Inc. Its remaining 5.8 acres of industrial laydown area are available for lease.

“This was a very unique transaction. In today’s market, being able to find and secure over 20 acres of industrial land within the Harrisburg area is rare, which makes this property a diamond in the rough,” said Dunkle. “In addition, the site’s future development potential as a major transportation and logistics hub could bring a myriad of employment opportunities to the city of Harrisburg.”

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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