Cushman & Wakefield National Industrial
9500 W. Bryn Mawr Avenue
Rosemont, IL 60018
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Release Date: Wednesday, February 04, 2015
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Approved for 1,506,000-SF Industrial Building
PITTSTON, PA, Feb. 4, 2015 – Demolition and site work are well underway at the Interstate Distribution Center, 140 Industrial Drive, Pittston, PA, with a targeted late spring delivery of a pad-ready site for a state-of-the-art warehouse/distribution facility. The property is fully entitled for up to a 1,506,000 square-foot facility, which, combined with the location of the property at the confluence of I-476 and I-81, as well as the significant in-place utilities capacity, provides an ideal site for a major manufacturing or warehouse/distribution user in the highly desirable I-81 corridor of Northeastern Pennsylvania.
The owner/developer, an affiliate of Endurance Real Estate Group, LLC, as well as Cushman & Wakefield as the exclusive sales/leasing agent are actively marketing the site for build-to-suit opportunities ranging from 500,000 square feet up to the fully entitled 1,506,000 square-foot footprint. There is excess acreage on the property providing for the future development of up to an additional 1.3 million buildable square feet.
Due to its prior use as a major manufacturing center by Techneglas, a television face plate manufacturer, the site has significant in-place utilities capacity including dual 69 kV substations, 12'' water and sewer mains, ample gas service capacity and Class I rail infrastructure, providing utilities and transportation infrastructure unmatched by any other warehouse/distribution/manufacturing development sites in the region.
According to Dan Walsh, director, Cushman & Wakefield, "The property is the beneficiary of major infrastructure investments by Techneglas. The site has its own electrical substation, rail siding and the ability to supply large amounts of water, sewer and natural gas. The infrastructure and scale of this site clearly make it one of Pennsylvania's premiere mega sites." Walsh is marketing the property with Gerry Blinebury, Pat McBride, Adam Campbell and Leah Balerno of Cushman & Wakefield.
The site is located near the center of the Boston-Washington corridor from which 60% of U.S. consumers can be reached within a one-day drive. The I-81 Corridor is often cited as one of the top five warehouse/distribution markets in the U.S. This immediate area is recognized as a premier location of choice for the Northeastern PA tenant community because of its location at the confluence of I-81 and I-476 and being centrally located between the densely populated cities of Scranton and Wilkes-Barre.
"The desirability of the site is evidenced by the recent commitments to the area made by other large distribution and warehouse companies including: FedEx Ground, Neiman-Marcus, Corning Life Sciences, Bimbo Bakeries, Home Depot and Lowe's, among others," added Walsh.
Endurance Real Estate Group engaged the local firm SCE Environmental, Inc. for the demolition and site work scope, with the work having kicked off in early December 2014 highlighted by the implosion of the building's cooling towers. The demolition of the 954,039 square-foot former Techneglas facility is well underway along with the initial stages of the site work.
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In the U.S. alone in 2013, this group completed nearly 6,700 industrial real estate transactions (excluding Capital Markets transactions) totaling 238.74 million square feet. The aggregate value of these transactions was greater than $7.34 billion.
Founded in 2002 by principals Benjamin Cohen and William White, Endurance Real Estate Group is a full service commercial real estate company focused on income and value creation opportunities in the MidAtlantic region with a concentration in regional and bulk warehouse/distribution assets. Endurance handles every aspect of creating and managing commercial projects – site selection, development, design, construction, leasing, financing and management. Its professionals have experience in all facets of the commercial real estate industry, including land development, acquisition and disposition, debt and equity financing, and project leasing and management. Endurance currently owns and operates a portfolio of over 4.2 million square feet of warehouse/distribution, flex, and office space. Including the Interstate Distribution Center, Endurance has owned and operated over 1.2 million square feet of warehouse/distribution space in Northeast PA and is in the process of adding an additional 550,000 square feet of space in the region to its portfolio, reflecting its commitment to Northeastern Pennsylvania.
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