Northeastern PA Industrial Portfolio Changes Hands
- Nov 03, 2017
NorthPoint Development acquired a three-building industrial portfolio from Endurance Real Estate Group. The deal was brokered by Cushman & Wakefield’s Industrial Advisory Group. Executive Director Gerard Blinebury together with Executive Managing Director Gary Gabriel, Senior Director Jeffrey Williams and Director Daniel Walsh represented the seller. According to the team of brokers, this was the largest Northeastern Pennsylvania industrial portfolio to trade in recent years.
The buildings total 544,974 square feet and are located at 7 and 15 Alberigi Drive in Jessup, Pa., and 32 Earth Conservancy Drive in Wilkes-Barre, Pa. The portfolio is currently 78 percent occupied. The three industrial assets feature Class A warehouse and distribution specifications, including 30-foot clear ceiling heights, ESFR sprinkler systems and loading capacity with full dock packages. Tenants can easily reach the network highway of interstates 81, 84, 80 and 380. The Pennsylvania Turnpike provides access to New York, Philadelphia, Pittsburgh, Baltimore and Washington, D.C.
“This was a great opportunity for both the buyer and the seller. Endurance Real Estate Group added tremendous value through thoughtful renovations and tenancy, while the remaining vacancy provides further value-add opportunity for the purchaser,” said Gerard Blinebury in a prepared statement.
Image courtesy of Cushman & Wakefield