594 Can Do Expressway, Hazelton, PA
HAZELTON, PA—An affiliate of Endurance Real Estate Group and CenterSquare Investment Management have acquired 594 Can Do Expressway, a 242,960 square foot, 32-foot clear warehouse/distribution building located in Hazleton, PA from Quad Graphics, for a price industry sources was probably between $6 and $7 million.
“594 DC is a great value-add/redevelopment lease-up play that fits within Endurance's long-term sweet spot of re-positioning well-located, functional excess corporate real estate assets,” says Jared Newman, vice president of acquisitions at Endurance.
A Jones Lang LaSalle team of John Plower, Chuck Rosien, Kim Jacobsen and Ryan Cottone represented Quad Graphics in the transaction.
“As part of the re-branding and kickoff of our planned multi-million dollar renovation project, we are renaming the building the 594 Distribution Center,” says Albert J. Corr, senior vice president of Endurance. “We will be commencing our planned improvements later this month and expect to have our re-positioning completed by the end of third quarter.”
Part of the planned improvements at the building include the installation of a new roof, the addition of thirteen dock doors on the eastern side of the building, installation of an ESFR sprinkler system, new LED lighting throughout the warehouse area and various office, paving and landscaping improvements. At the completion of the Building renovation, the project will provide a total of 24 loading doors, one drive-in door, 20 trailer spots and 185 parking spaces.
594 DC is located just one mile from Exit 143 of I-81. This location offers excellent transportation links to Interstate Highways and is within 250 miles of most major markets in the Northeast and Mid-Atlantic regions. As part of the eastern and central Pennsylvania industrial market, the northeast Pennsylvania industrial market is an established center for national retail distribution and consumer goods companies in the Eastern United States.
While primarily successful as a big-box market in past years, there has been a recent uptick in tenant requirements in the 100-300,000 square-foot range. The Northeast Pennsylvania Industrial Market development pipeline of industrial projects has very little planned to accommodate those requirements in class A buildings. 594 DC will offer tenants a quality option with state-of-the-art design specifications, at a lower cost than its class A competitors. Jones Lang LaSalle has been named the exclusive leasing agent for the building. The team of Jeff Lockhard, Lee Fittapaldi, Kim Jacobsen and Ryan Barros will represent Endurance.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
