DUNMORE, PA - An affiliate of Equilibrium Equities has picked up another large industrial building in the Scranton area where it already owns warehouse and distribution facilities.
Equilibrium acquired the Ocean Logistics property in Keystone Industrial Park from an affiliate of C&S Wholesale Grocers. The price was not disclosed.
The 249,000-square-foot property is situated on 22 acres. It offers abundant loading doors, car parking and trailer storage, and is located a mile from an interchange of Interstate 81 at 100 Keystone Industrial Park Road.
The Ocean Logistics building was acquired and expanded by Super Market Services in the mid-1970s for use as a distribution center for health and beauty products. It has been vacant since the fall of 2011.
Equilibrium affiliates already own a 445,000-square-foot warehouse complex in Dunmore and a 150,000-square-foot facility in Jessup, four miles from 100 Keystone.
“We chose this well-maintained property as our newest acquisition and redevelopment project because of its functionality and close access to the interstate system and major markets in the northeast,” said John Morris of Equilibrium Equities. Planned renovations include exterior design upgrades, minor building system repairs and energy efficiency upgrades.
“We will immediately be addressing various deferred maintenance items and installing various improvements to create efficiency and reliability for potential clients. The building is fully racked, which may give us a strategic advantage with numerous potential customers,” said Morris.
Since 2001, Equilibrium has acquired and developed buildings and parks totaling over 4.1 million square feet of industrial space and currently has approximately 700,000 square feet of additional projects in its acquisition and development pipeline.
Since 2001, Equilibrium has acquired and developed buildings and parks totaling over 4.1 million square feet of industrial space and currently has approximately 700,000 square feet of additional projects in its acquisition and development pipeline.
Atlantic Real Estate Services represented the seller in this transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
