“This was a great opportunity for both the buyer and seller,” says Blinebury, who noted that the portfolio was 78 percent occupied at the time of the sale. “Endurance Real Estate Group added tremendous value through thoughtful renovations and tenancy, while the remaining vacancy provides further value add opportunity for the purchaser.”

All three buildings are class-A facilities that were initially developed as part of a joint venture partnership between MetLife and Chicago-based Versus Development. They feature market-leading functionality including 30-foot clear height ceilings, T-5 lights and the potential to expand car and trailer parking as well as loading positions.

The properties are strategically located within one of the most densely populated areas in the region, which boasts a strong local labor pool. The surrounding highway network of I-81, I-84, I-80, I-380 and the Pennsylvania Turnpike provides easy access to major Northeast Corridor cities including New York, Philadelphia, Pittsburgh, Washington, DC, and Baltimore.

So far this year, the Northeastern PA submarket of the I-81/I-78 distribution corridor has been one of the most dynamic leasing markets in the entire Northeastern U.S. “There has been approximately 3 million square feet of net absorption year to date with over 3 million square feet of new construction underway, much of it pre-leased,” Blinebury says. “The current vacancy rate of 3.8 percent is the lowest throughout the eastern part of the state, and we expect demand will continue to outpace supply.”