First Industrial broke ground on a 390,000-sf facility in Covington Industrial Park near Scranton, PA and acquired a leasehold interest on a 230,000-sf warehouse/distribution property in Pittston, PA. Terms of the transactions were not disclosed.
A commercial construction company principal tells GlobeSt.com that hard construction costs for the Scranton facility are between $25 per sf and $26 per sf, for a total construction cost of from $9.75 million to $10.14 million. The asking rental rate for warehouse/distribution space in the Pittston area is between $3 per sf and $4 per sf, according to GlobeSt.com research.
Maytag is a global supplier of appliances, including the Maytag, Amana, Jenn-Air, Hoover and Magic Chef brands. Annual sales are $4.3 billion.
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