CHATHAM, NJ – August 5, 2013 – Cassidy Turley, a leading commercial real estate services provider in the U.S., announces three industrial truck terminal sales in Maryland and Pennsylvania totaling in excess of $12 million. Cassidy Turley team members in the New Jersey and Baltimore offices represented the buyers and sellers in the transactions. The team was comprised of Larry Casey, Senior Vice President, Principal; Jonathan Carpenter, Managing Director, Principal; Robert Oare, Senior Vice President, Principal; Andrew Houston, Vice President; Alan Orman, Vice President and Robin Ritter-Ceriello, Associate.
Mr. Casey led the team of Mr. Carpenter, Mr. Houston and Ms. Ritter-Ceriello to negotiate the sale of 6351 South Hanover Road in Elkridge, MD, serving as representatives for the owner, A. Duie Pyle Inc., and the buyer, Gramercy Property Trust. A. Duie Pyle Inc. initially bought the property as an investment and leased it back to New Penn Motor Express, which will continue to occupy the space. The terminal at 6351 South Hanover Road has 61-dock doors on 10.5 acres located between Interstate 95 and Interstate195. The team leveraged its market expertise by monetizing an investment property to expand the buyer’s portfolio into a new region.
In a second transaction, A. Duie Pyle Inc. purchased 7070 Brookdale Drive in Elkridge, MD, from Old Dominion Freight Line. The Cassidy Turley team of Mr. Casey, Ms. Ritter-Ceriello, Mr. Oare and Mr. Orman represented the buyer and the seller. The 59-door truck terminal is set on 10 acres with access to I-95 and I-195. The team helped Old Dominion dispose of surplus property while securing a facility for a long-time client to enter into the market. A. Duie Pyle Inc., plans to renovate and occupy the facility to meet its current transportation and warehousing needs.
At 541 Hollow Road in Phoenixville, PA, Mr. Casey and Ms. Ritter-Ceriello worked with Matthew Collins of M. M. Collins Real Estate to represent the seller, Realterm NAT, and the buyer, Pitt Ohio Express, in the sale of the 66-door truck terminal on 20.3 acres with access to U.S. Highway 422 and Interstate 76. Pitt Ohio, a leader in the transportation and logistics industry, acquired the property to expand its current operations and will occupy the new terminal.
“Our long-standing client relationships combined with superior market insight and invaluable acuity enable our teams to provide best-in-class service while achieving specific business and real estate goals,” commented Mr. Casey of Cassidy Turley.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.