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Hines Acquires Covington Logistics Center For $60M In Covington Township, Pennsylvania

Property Image
SOLD
$60,000,000
Gerry Blinebury
Collin Potter

Pennsylvania

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Industrial501,600 SF
Sold 06/14/2023
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Property Image
SOLD

Hines Acquires Covington Logistics Center For $60M In Covington Township, Pennsylvania

180 First Ave Gouldsboro, Pa 18424, Usa

See Similar Deals
Industrial501,600 SF
Sold 06/14/2023
Gerry Blinebury
Collin Potter
the dealplayerscompscontact
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Summary

PENNSYLVANIA
Asset Type:Industrial
Price Per Square Foot:$119
Total Square Footage:501,600 SF
Transaction Type:Sale

Hines has purchased the Covington Logistics Center, a 501,600-square-foot industrial property, located at 180 First Ave in Gouldsboro, Covington Township, Pennsylvania, for $60 million. The property is situated on a 36-acre site and offers modern amenities and convenient access to major interstates in the area.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $60,000,000
  • Address: 180 First Ave, Gouldsboro, Covington Township, Pennsylvania
  • Market: Gouldsboro, Covington Township, Pennsylvania
  • Asset Size: 501,600 square feet
  • Price per Square Foot: $120

The property was sold by Portman Holdings and Rockpoint, with representation from brokers Gerry Blinebury and Collin Potter of Cushman & Wakefield. The acquisition of the Covington Logistics Center expands Hines' industrial portfolio and strengthens their presence in the Gouldsboro market.

Players

Gerry Blinebury
Cushman & Wakefield
Gerry Blinebury
8 deals$178M volume(717) 231-7291
BROKER
Collin Potter
Cushman & Wakefield
Collin Potter
2 deals$83.3M volume(717) 793-7764
BROKER
Hines
Hines
BROKERAGE
Hines
Hines
BUYER
Rockpoint Group
Rockpoint Group
LENDER

Details

SOLD
IMAGE: Gerry Blinebury & Collin Potter DATE: 06/14/2023 ADDRESS: 180 First Ave MARKET: Gouldsboro, Covington Township, Pennsylvania ASSET TYPE: Industrial ~ ACRES: 36 BUYER: Hines (@Hines) SELLER: Portman Holdings & Rockpoint BROKERS: Gerry Blinebury (@GerryBlinebury) & Collin Potter - Cushman & Wakefield (@CushWake) SALE PRICE: $60,000,000 SF: 501,600 ~ PPSF: $120 NOTE: Hines has purchased the Covington Logistics Center, a 501,600-square-foot industrial property in Covington Township, PA, for $60 million from Portman Holdings and Rockpoint. The facility features modern amenities and convenient access to major interstates in the area. Center 3Pennsylvania

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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