X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

DUNMORE, PA-An affiliate of Conshohocken-based Equilibrium Equities Inc., paid $7.1 million, or just shy of $16 per sf, for Key Market Distribution Center. The seller is a local partnership, which constructed the two-building, 446,000-sf property in phases over the past 30 years.

It is located on 21.1 acres in Keystone Industrial Park. In a statement, John Morris, VP of Equilibrium, says the acquisition “provides us with an expanded platform in the growing Northeastern Pennsylvania industrial market,” and also says the property “complements a 151,000-sf warehouse we acquired in this market in 2003.” Calls to Equilibrium were not returned by deadline. It plans capital improvements such as painting, landscaping, new signage and repaving of the truck courts.

A current tenant will vacate 324,000 sf of space in the buildings in January 2006, and Equilibrium will offer spaces that range from 41,000 sf to the full 324,000 sf at an undisclosed rate. Warehouse space in the Northeast area of the state now commands between $3.85 per sf and $4.50 per sf, according to a report from the Philadelphia office of Colliers Lanard & Axilbund. On condition of anonymity, a broker familiar with rates in Keystone Park tells GlobeSt.com that rates for this property “will probably be considerably below the average, which includes a lot of new construction in the Wilkes-Barre/Scranton area.” He suggests a single tenant would obtain a rate “in the low $3s per sf” in this complex.

Locally based Community Banks Inc. provided a loan of an undisclosed amount to fund this acquisition. Equilibrium, which also has an office in Wilkes-Barre, will manage the property and handle leasing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.