An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Boston-based Cabot Properties is pleased to announce the completion of construction and full lease-up of a 1,000,000 SF distribution center, known as the Scranton North Logistics Center (“Scranton North”) at 1300 Corporate Way, located in Olyphant, PA (the “Property”). The Jones Lang LaSalle leasing team of Jeff Williams, Jeff Lockard and Ryan Barros acted as the owner’s exclusive agent for the Property.
“This milestone reflects our dedication to delivering best in class warehouse/distribution buildings no matter the challenges posed during development and our commitment to working with tenants to meet their operational needs, specifically the planned upgrade of the power service to the site to accommodate the tenant’s requirements. Transforming a perpetually underutilized property into to a Class A warehouse/distribution site that brings jobs to the region represents as a remarkable turnaround for this site and the overall area” stated David Erlbaum, Senior Vice President/Partner at Endurance.
“Our decision to move forward on a spec basis with Scranton North was instrumental from a timing perspective as it matched up perfectly ultimately with our tenant’s desired delivery timeline.” stated Albert J. Corr, Senior Vice President/Principal of Endurance. “The Property was leased shortly after delivery and is the largest lease signed in Endurance’s history”, added Corr.
Scranton North is a newly constructed state of the art 1,000,000 SF cross dock warehouse/distribution facility featuring many state-of-the-art attributes; the project’s location benefits from its proximity to major east coast markets, regional seaports and has access to multiple air, rail, and highway systems. The Project is approximately twenty minutes from five major parcel operations and is also strategically located within a 15-minute drive to the Scranton/Wilkes Barre area, the 5th largest MSA in Pennsylvania providing a deep and desirable labor force.
About Endurance Real Estate Group
Endurance Real Estate Group, LLC (www.endurance-re.com), formed in 2002, is a Radnor, Pennsylvania-based real estate owner/developer focused on income and value add industrial opportunities located in the Mid-Atlantic region. Since its formation, the company has acquired $1.4 billion of assets totaling 21 million SF. Endurance currently owns and operates a portfolio totaling 6.3 million square feet. Endurance is currently developing over 1.3 million square feet of distribution buildings in several projects in varying building sizes from 234,800 SF up to 1,006,500 as well as entitling several other projects totaling roughly 1 million square feet.