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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)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

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