N.J. firm buys Cumberland facility, plans logistics hubsJim T. Ryan
Woodmont, based in Parsippany, N.J., announced Monday that it has purchased the 179,200-square-foot warehouse at 34 E. Main St., New Kingstown, a village in Silver Spring Township.
The company is investing about $500,000 to renovate the facility built in 1981 and plans to have it leased in early 2013, it said in a statement.
The acquisition is the first in Pennsylvania and the second overall for Woodmont this year in its strategy to make the midstate a logistics hub alongside the Lehigh Valley, said Eric Witmondt, CEO of Woodmont’s parent company Woodmont Properties.
“This was the first of many acquisitions,” Witmondt said this morning. “We think there’s going to be a tremendous need for companies that need warehouse space in those markets.”
Woodmont is interested in buying existing warehouse spaces as well as vacant property to build new warehouses in the midstate, he said. More Cumberland County acquisitions could be on the horizon, he said.
Many companies are going to need logistics and inventory spaces as the economy improves, which helps explain Woodmont’s strategy as well as other recent deals in the logistics real estate sectors, Witmondt said. Properties with railroad access and proximity to intermodal facilities will be crucial.
“These markets are well-positioned to handle much of the U.S. population and even up into Canada,” Witmondt said.
New York-based real estate firm Cushman & Wakefield Inc., which has a growing presence in Central Pennsylvania and an office in Philadelphia, brokered the deal between Woodmont and Dauphin County-based Lexmain Realty Ventures.
34 E. Main St.
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