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JV To Redevelop Former 500,000-SF Plant

DUNMORE, PA-A JV between Caracor and New Boston Fund acquires the vacant former Thomson Electronics plant for conversion into a warehouse/distribution facility.

By Marita Thomas | Updated on March 22, 2007

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

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.

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