Cushman & Wakefield Brokers Sale of Industrial Building in NE Pennsylvania
- Nov 05, 2020
Cushman & Wakefield has arranged the sale of 22 Stauffer Industrial Park Drive, a 711,200-square-foot industrial building in Taylor, Pa., for $30 million. The property is only a few miles from downtown Scranton, in the Scranton–Wilkes-Barre–Hazleton MSA, also known as the Wyoming Valley.
22 Stauffer Industrial Park Drive is one of three buildings in an industrial portfolio located in Stauffer Industrial Park. The building is 100 percent leased and features 179 dock doors and 35-foot clear height. The location is barely a mile from Norfolk Southern’s Taylor intermodal facility and also provides convenient access to I-81, I-80, I-476 and I-380.
The Cushman & Wakefield team of Gerry Blinebury, Gary Gabriel and Daniel Walsh represented the unidentified seller and was the sole broker in the transaction.
The northeast Pennsylvania market is thriving because of its access to East Coast population centers, with the ability to make daily truck trips in and out of New York City, Philadelphia, Pittsburgh, Baltimore and Washington, D.C., Blinebury said in a prepared statement.
The industrial real estate market in eastern and central Pennsylvania is a lively one, with 6.3 million square feet of net absorption in the third quarter (a 38.2 percent year-over-year increase), of which 4.4 million was preleased, according to a third-quarter report from JLL.
As the quarter ended, almost 21 million square feet was under construction, 41.2 percent of which was preleased. The third quarter saw at least three lease deals of 400,000 square feet or more, in Reading and Myerstown, also according to JLL.
In May 2019, broker/developer Mericle Commercial Real Estate, of Wilkes-Barre, began construction on six speculative industrial and flex buildings at CenterPoint Commerce & Trade Park, in Jenkins and Pittston townships. The buildings vary from 42,000 to 310,000 square feet and total 802,000 square feet.