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DUNMORE, PA-A joint venture between Allentown-based Caracor LLC and New Boston Fund has acquired the former Thomson Electronics manufacturing facility in Keystone Industrial Park near Scranton at the intersections of Routes 81, 84 and 6. The partnership plans to convert the now-vacant plant into a warehouse/distribution center.
Caracor is the development arm of Markward Group Inc., also based in Allentown, and Matthew Merkel, marketing director, tells GlobeSt.com the sales price was $9 million, which represents $18 per sf. The new owner, an entity named New Boston Caracor Dunmore Realty LP, plans to invest $5 million to convert the property. "Renovation will take about four months," Merkel says. The asking rental rate is $3.95 per sf, triple net.
The 500,000-sf building is located on 42 acres. The sellers are entities of Thomson, a maker of television tubes. The facility was built in 1966, and Thomson exited it in 2001 when it relocated production to Mexico.
"We purchased this property because of its proximity to major highways and the New York [City] and Philadelphia markets, as well as because of the extraordinary construction of the facility already in place," says Del Markward, president and founder of Caracor. The building has 26-foot clear ceiling, and the renovation will include new flooring, sprinklers, dock doors, heating and lighting.
Mike Capobianco of Markward's brokerage arm represented the seller in the transaction. "Demand for this type of product should remain strong," he says. Another division, Markward Group Management and Maintenance LLC, will manage the property, and Capobianco will be part of the marketing team.
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