In one of the largest commercial deals in the region this year, a real estate investment trust paid $170.5 million for a 1.2 million square-foot warehouse in the Middletown area.
The warehouse is at 3327 E. Harrisburg Pike in Londonderry Township.
The buyer is affiliated with Radnor-based advisory EQT Exeter. The seller was an affiliate of Atlanta-based warehouse developer Core5 Industrial Partners, which erected the facility in 2023.
In a press release announcing the deal, EQT said the property is fully leased by commercial tenants. An EQT spokesperson declined to name them.
EQT also said yesterday it bought a Tennessee warehouse of 638,000 square feet for $75 million.
EQT has been snapping up warehouses around the U.S. in a bid to grow its industrial real estate portfolio.
The background: Core5 has been an active warehouse developer and seller in Central Pennsylvania.
Among Core5’s projects is a five-building warehouse complex on a former quarry straddling Manchester and East Manchester townships north of York city.
Core5 sold one of the complex’s buildings, a 483,770 square-foot warehouse, for $54.5 million in June 2023.
