The purchase price is undisclosed. An industrial real estate specialist in the area, however, tells GlobeSt.com on condition of anonymity, that the price was $1.6 million, or about $10.59 per sf. Community Banks Inc., based in Harrisburg, PA, provided the financing.
Prior to closing on the transaction, Equilibrium leased 103,100 sf of the property to a third-party logistics firm that represents an unnamed national manufacturer of building supply products.
John Morris, senior sales associate of the brokerage division at Wilkes-Barre, PA-based Mericle Commercial Real Estate Services, brokered the sale in cooperation with an affiliate of the buyer. Equilibrium is a privately owned investment and development company that focuses on the acquisition and development of warehouse/distribution facilities in the Northeast. Adam Meinstein is Equilibrium's president.
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