An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Boston-based Cabot Properties (“Cabot”), a leading investor, developer, and operator of logistics properties throughout the United States, Europe, and Asia Pacific, are pleased to announce the disposition of the Scranton North Logistics Center, a 1,000,000 SF warehouse/distribution center located at 1300 Corporate Way in Olyphant, Pennsylvania (“Property”). The Property is fully occupied under a long-term lease to a Fortune 2 company. The JLL Capital Markets team of John Plower, Ryan Cottone and Zach Maguire brokered the sale to an undisclosed institutional buyer
“Scranton North exemplifies the type of transformative development we strive to deliver, turning a complicated site into a best-in-class logistics asset that attracts strong tenancy and drives meaningful economic activity to the region. The successful outcome of this speculative project reflects our team’s ability to execute our business plan and deliver compelling value to our stakeholders,” said Endurance President, Benjamin Cohen. “We are extremely proud of the collaboration that brought this development to life and look forward to continuing to invest in the growth of Northeast Pennsylvania.”
Michael McCarthy, Managing Director and Co-CIO of Value-Add Programs at Cabot Properties, added: “Our team, in partnership with Endurance, was able to deliver this asset on a speculative basis under budget and execute full lease-up of the property, which speaks to our local market relationships and specialized expertise. The successful disposition of Scranton North – Cabot’s largest single-building development project to-date – marks an important milestone for our platform and underscores the appetite for modern, Class A facilities in key consumption-focused markets.”
Scranton North is a newly constructed, state of the art, 1,000,000 SF cross-dock warehouse and distribution facility featuring modern design specifications, best-in-class functionality, and robust electric capacity to accommodate the tenant’s operation. The Property benefits from exceptional regional connectivity, with immediate access to major East Coast population centers, multiple seaports, and robust air, rail, and highway networks. The site is located approximately twenty minutes from five major parcel operations and within a 15-minute drive of the Scranton/Wilkes Barre metropolitan area, the 5th largest MSA in Pennsylvania, offering a deep, reliable, and desirable labor pool.
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, Endurance has acquired and developed approximately $1.8 billion of assets totaling 21 million square feet. Endurance currently owns and operates a 57 building portfolio totaling over 7.6 million square feet. They are currently entitling or developing over 1.4 million square feet of distribution buildings across several projects, varying in sizes from 185,000 square feet up to 777,700 square feet. Endurance has previously developed or entitled 21 buildings across 17 projects totaling 6.3MSF with a total capitalization of $475MM.
About Cabot
Cabot Properties is an international private equity real estate firm focused on the logistics sector. Founded in 1986, Cabot was one of the first real estate firms to provide institutional investors with access to the industrial property sector and has invested over $17 billion in logistics real estate, served over 4,300 tenants, and operated over 1,750 buildings totaling more than 240 million square feet. Cabot is headquartered in Boston with offices in Atlanta, Chicago, Dallas, Los Angeles, London, Amsterdam, Sydney, Tokyo, Munich, Houston, New York, Orlando, and New Jersey. For more information, visit www.cabotprop.com
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.