The demand for Class A industrial property in Central Pennsylvania is very strong
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Real Estate Finance provided a loan to Hillwood Investment Properties, a real estate development firm. The financing will be used to develop Trade Center 83, a 1.2 million-square-foot Class A warehouse/distribution center on 95 acres in York County, Pennsylvania. The center will be tilt-up construction and feature 50-foot x 56-foot typical column spacing, 36-foot ceiling clear heights, cross-dock configuration, 203 dock doors, high efficiency T-5 lighting and ESFR sprinklers. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“The demand for Class A industrial property in Central Pennsylvania is very strong,” said Matt Galligan, President of CIT Real Estate Finance. “With demand significantly outweighing the supply of investment grade industrial product in New Jersey, big-box tenants are finding it more cost effective to locate to Eastern and Central Pennsylvania, and the market is witnessing many requirements over 1 million square feet. This transaction highlights our ability to put our knowledge of financing commercial real estate assets to work for Hillwood Investment Properties.”
Steve Reedy, Managing Director of CIT Real Estate Finance, said, “The property is located in Manchester, Pennsylvania, at Exit 24 of I-83. The location of Trade Center 83, with easy access to I-78, I-83, I-81 and I-76, will make this center very attractive to both fulfillment and distribution tenants. The site is within a one-day drive of six of the ten largest U.S. markets and 60% of Canada’s population. The site is also very proximate to vital service providers including UPS, FedEx and the Norfolk-Southern Intermodal.”
Todd Platt, CEO of Hillwood Investment Properties, said, “Trade Center 83 is located at the crossroads of Central Pennsylvania’s I-78/I-81 corridor and the Baltimore/Washington Mid-Atlantic Region. The property is served by the ports of Baltimore, Philadelphia and New Jersey and represents a complete solution for large footprint requirements in the heart of Central Pennsylvania. We are very pleased with our CIT financing solution and look forward to expanding our relationship.”
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About Hillwood Investment Properties
Hillwood Investment Properties is a unique full-service industrial and office real estate developer, investor and advisor of high quality real estate. Our dedicated team is committed to providing our customers, communities and partners with exceptional quality, service and property management while exceeding our customer’s requirements and schedule. Today, we are actively involved in development, acquisitions, construction, leasing and property management of premier industrial properties in the United States, Canada and Europe. hillwoodinvestmentproperties.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of September 30, 2014, it had more than $14 billion of deposits and more than $20 billion of assets.. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
Matt Klein, 973-597-2020
Vice President, Media Relations