JOINT VENTURE BUYS 1.5M SF INDUSTRIAL COMPLEX IN MIDDLETOWN, PA.

MIDDLETOWN, PA. — Woodmont Industrial Partners, in a joint venture with AEW Capital Management (AEW), has acquired Capital Business Center, a six-building, 1.5-million-square-foot industrial complex in Middletown. The center was acquired from an institutional owner in a transaction arranged by Michael Hines, Brian Fiumara and Brad Ruppel of CBRE National Partners. AEW acquired the property on behalf of AEW Partners VI. The venture plans to demolish two 1950-vintage, Class C buildings and construct the site with two LEED-certified, Class A warehouse facilities totaling 530,000 square feet. They also intend to make capital improvements to the other buildings in order to bring them up to current institutional standards. The center will also be renamed Capital Logistics Center. The CBRE team of Michael Hess, Patrick Lafferty and Bart Anderson will serve as leasing agents of the property.