An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Cabot Properties L.P.. (“Cabot”) are pleased to announce the acquisition and commencement of construction on the Olyphant Logistics Center, a 112-acre site located in Borough of Olyphant, Lackawanna County, Pennsylvania (“Project”). The partnership acquired the property from Langen Development Economics, LLC.
“We are delighted to have closed on this acquisition of a fully entitled land site ready for immediate construction,” said Jared Newman, Senior Vice President of Acquisitions for Endurance Real Estate Group. “We seek out development sites that offer superior access to highway and logistics infrastructure and have a deep and qualified labor force and it was clear Olyphant Logistics Center was best in class for those standards.”
Benjamin Cohen, President of Endurance added “Northeastern PA has been one of the most active submarkets over Endurance’s 20-year history. In 2020 we delivered a 1.1 MSF building which was successfully sold to a Fortune 500 Company, in Pittston, PA. We looked forward to developing this building in partnership with Cabot as this is our second transaction together within the last year.”
Endurance’s plans call for the construction of a state of the art 1,000,000 SF cross dock warehouse/distribution facility featuring precast concrete wall paneled construction, a 40’ clear height, 60’ speed bay and 56’ wide x 48’ deep typical column spacing, high-bay LED lighting with motion sensors, a 60 mil fully-adhered TPO or EPDM roof, ESFR sprinkler system, seventy five (75) fully equipped door positions including 45,000lb mechanical levelers, bumpers and seals, four (4) 14’ x 16’ drive-in door, 237 trailer stalls, 477 car parking spaces, and a 4,000 amp, 3-phase main electric service. Construction has commenced and the building is expected to be completed in the Fall 2022.
Additionally, the Project has received a full LERTA (Local Economic Revitalization Tax Assistance) designation which provides for a phase-in of the real estate taxes on the value of the new improvements. The 10-year LERTA starts at 95% abatement and phases in 5% per year thereafter.
The Project is situated near the confluence of four US Interstates (I-81, I-380, I-84, and I-476) which are four of the most traveled highways in the Northeast United States. The 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 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.
Jeff Williams of JLL represented the seller in the sale in this transaction. The JLL leasing team of Jeff Lockard, Jeff Williams, and Ryan Barros have been named the exclusive listing agent for the Project.
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 billion of assets totaling 16.1 million SF and sold 10 million SF with a combined value of $700 million. Endurance currently owns and operates a portfolio totaling over 6.1 million square. Existing space includes 3.5 million square feet of industrial space and 750,000 square feet of flex/office space. Endurance is currently developing over 1.9 million square feet of distribution buildings in several projects in varying building sizes from 60,000 SF up to 1,000,000 as well as entitling several other projects totaling over 2 million square feet.
About Cabot Properties L.P.
Cabot is an independent, private partnership wholly owned by the company’s senior members. Cabot is a registered SEC investment adviser and as a fiduciary, aspires to excellence in service to its institutional investors. Over time, Cabot has invested over $12 billion in logistics real estate, served nearly 4,000 tenants, and operated over 1,500 buildings totaling more than 200 million square feet. Cabot is headquartered in Boston with offices in Chicago, Dallas, London, and Sydney.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people, and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For addition information on JLL please visit jll.com.