CBRE Arranges Sale of 57,000 SF Mission Critical Office Property at 5035 Ritter Road in Mechanicsburg, PA

CBRE today announced the sale of 5035 Ritter Road, a 57,000 square foot mission critical office property in Mechanicsburg, PA. Triple Crown Corporation acquired the property, which is NNN leased to the Administrative Office of PA Courts. The purchase price was not disclosed.

CBRE Senior Vice President Steve Marzullo and First Vice President Adam Silverman spearheaded the marketing campaign for the property and represented the seller in the negotiations. CBRE also procured the buyer.

“Interest rates continue to be the primary challenge to completing transactions,” said Mr. Marzullo. “However, after a competitive bid process, we selected a highly qualified buyer that was able to expeditiously close with cash while working with CBRE’s Joanne Williams and Member’s First Credit Union to finalize financing post-closing.”

“Investors were attracted to the property being NNN leased to a government entity, the significant capital investment made to improve the facility and a recent long term lease extension,” added Mr. Silverman. “Interest in acquiring the asset came from both local property owners as well as regional investors who were already active in the Harrisburg market.”

Built in 1988 and completely renovated in 2010, 5035 Ritter Road is a mission critical facility located within the 1.9 million square foot Rossmoyne Business Center. The business park is only a 15-minute drive from downtown Harrisburg and has a rare direct entrance into the center from the Pennsylvania Turnpike. The property has served as the IT headquarters for the Administrative Office of Pennsylvania Courts for more than 35 years. The building features a generous 4.35 per 1,000 parking ratio.