Affiliates of Endurance Real Estate Group, LLC (“Endurance”) and Blue Vista Capital (“Blue Vista”) announced today the sale of the Interstate Distribution Center (“IDC”) a 1,078,200 SF Class A bulk distribution building located at 140 Industrial Drive in Pittston, Pennsylvania for $96,000,000. Endurance recently completed construction of IDC in June of 2020.
The user/buyer is establishing a new manufacturing facility at the former Techneglas manufacturing site.
IDC is an impressive 225 acre development located in the heart of the I-81 Corridor industrial submarket. The project is located at the confluence of Interstates I-81 and I-476 (PA Turnpike) in Pittston, which offers direct access to those major arteries as well as Interstates 80, 84 and 380. Endurance and Blue Vista purchased the IDC site in 2012, which at the time contained over 1MM SF of existing manufacturing and distribution space and was 50% leased. Endurance pursued approvals to demolish the existing structures on the site and transform the site into a modern bulk warehouse/distribution park ultimately attracting a Fortune 500 company.
As completion of the building wrapped up earlier this year, Endurance saw a tremendous uptick in deal velocity from prospective tenants and user buyers. Several e-commerce related companies as well as manufacturers were attracted to the historical infrastructure IDC was able to provide. David Erlbaum, Senior Vice President of Development, noted, “IDC was very well received from a logistics standpoint for e-commerce and other distribution users due to its location, however the site’s historical infrastructure as a result of its prior manufacturing operations really distinguished it from its competitors.” IDC has significant in place utilities including a 69 KV substation fed by two separate grids, 10” water and sewer mains, ample gas service capacity, and Class 1 rail infrastructure adjacent to the site, which were instrumental in the sale of the site. The new building offers 40’ clear heights, a cross-dock configuration with two 75’ speed bays, 54’ wide x 45’ deep column spacing, 193 dock doors (9’ x 10’) including 108 with dock packages upon building completion, 2 drive-in doors, 421 car parking spaces (expandable), a 195’ deep truck court with 60’ dock aprons and 129 truck parking spaces (expandable). The building was constructed with precast concrete panels on a 7” thick concrete slab.
“The redevelopment of this former brownfield site over the last 8 years, into a state of the art new distribution and manufacturing facility, attracting the likes of a global company is a major milestone in Endurance’s history representing our largest transaction to date, we could not be more thrilled,” stated Ben Cohen, President of Endurance.
The Cushman and Wakefield team led by Gerry Blinebury and Dan Walsh represented Endurance in the sale. The buyer was represented by the JLL team of Jason Webb and Kris Bjorson.
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 and developed over $800 million of assets totaling over 14.5 million SF and sold over 9.7 million SF with a combined value of $680 million. Endurance currently owns and operates a portfolio totaling over 3.8 million square feet consisting of 48 buildings. Existing space includes 3.1 million square feet of industrial and 700,000 square feet of flex/office space. Endurance is currently developing over 1 million SF of distribution buildings across several projects in varying building sizes from 71,000 SF up to 352,000 SF. To learn more visit www.endurance-re.com or follow @EnduranceREGrp on Twitter and Endurance LinkedIn.
About Blue Vista Capital Management
Blue Vista ( www.bluevistallc.com) is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate strategies in student housing, middle market equity and middle market lending. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender. Since its inception in 2002, the firm has invested over $10.5 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.