Wilkes-Barre Industrial Building Acquired by Growing Distribution Firm
Commercial brokerage firm NAI Mertz reports that PSI purchased 827 Sans Souci Parkway from Medley Investments for $4.2 million.
WILKES-BARRE, PA— PSI, a pipe distribution company, has acquired a 225,000-square-foot industrial building here and will expand and relocate operations from Mountain Top, PA.
Commercial brokerage firm NAI Mertz reports that PSI purchased 827 Sans Souci Parkway from Medley Investments for $4.2 million. The company has pledged to invest more than $9 million to renovate the facility, including the addition of a pipe mill, which will allow it to develop its manufacturing operations. The capital improvement project is expected to create 50 new, full-time jobs and retain 37 existing jobs for Pennsylvanians over the next three years.
The NAI Mertz team of VPs David Weaver, SIOR, and Stephen Cole, SIOR, represented Medley Investments in the transaction. PSI was represented by Elijah Miller of Hinerfeld Commercial Real Estate.
“The Wilkes-Barre industrial real estate market is thriving for both property owners and investors alike, and we are pleased to have assisted our client in this property disposition,” NAI Mertz’s Weaver states.
The property’s proximity to to I-81 and Routes 11 and 309 is an advantage for PSI. In addition, 827 Sans Souci Parkway is a crane and rail-served heavy industrial building that will be beneficial to the growth of PSI as it further develops its manufacturing operations, according to NAI Mertz.