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National  + Pennsylvania  + Industrial  |  October 7, 2021
Paul Bubny
By: Paul Bubny

CushWake Arranges 15-Building Industrial Sale Across Three States

Cushman & Wakefield arranged the sale of the Interstate Industrial Portfolio, consisting of 15 buildings spanning 2.57 million square feet across Harrisburg, PA; Columbus, OH; Albany, NY; Syracuse, NY; and Rochester, NY. 

Cushman & Wakefield’s David Bernhaut, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, Heritage Capital Group, in the transaction. A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Alex Lapidus and Meredith Donovan arranged $114.2 million in acquisition financing for the undisclosed buyer. The loan was provided by an affiliate of LoanCore Capital. 

“This is an ideal portfolio of well managed buildings that have a history of strong leasing and occupancy,” said Bernhaut. “With the potential to increase rents across the board, these properties are a great addition to the purchaser’s industrial portfolio.” 

The portfolio is currently 97% leased to a diversified tenant base. 

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Inside The Story

Cushman & Wakefield’s Bernhaut

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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