Woodmont Industrial Partners (WIP), a leading development and management firm, today announced the sale of 1 Commerce Road in Pittston, Pennsylvania. Prior to the sale, Woodmont completed an extensive capital improvement plan to the 437,446-square-foot industrial building, which is currently occupied by an internationally-recognized corporation.
“The warehouse’s prime location in the heart of the Northeast Pennsylvania market, along with the new Avoca interchange directly connecting Commerce Road to I-81, made this an ideal investment opportunity for Woodmont Industrial,” said Woodmont Industrial Partners Principal Eric Witmondt. “Industrial submarkets across Pennsylvania continue to experience extraordinary demand. At the same time WIP is working to create modern facilities through renovation and repositioning and is actively exploring new acquisition opportunities.” The sale of this building brings WIP’s total transaction volume YTD to approximately 2M square feet. WIP is actively seeking new opportunities either in the form of land and/or existing buildings in the need of a redevelopment.
The former Penguin Random House site, which served as the company’s book distribution center, is one of many properties WIP has upgraded through a capital program including improvements such as additional loading docks, natural gas conversion, upgraded lighting and power, etc. The property also features a high bay section offering 48-foot to 54-foot clear height with racking in place, a parking lot that can accommodate up to 269 cars, and a rail line behind the building.
Strategically located off Interstate 81 in Northeast Pennsylvania, the warehouse is situated just east of the Wilkes-Barre Scranton International Airport, and is part of the Northeast Industrial Corridor. The Pennsylvania Department of Transportation recently completed construction of a new access road connecting the exit off I-81, directly to Commerce Road. The new interchange connects the airport to the surrounding industrial parks, increasing the value of this location.
About Woodmont Industrial Partners
Woodmont Industrial Partners is an affiliate of Fairfield, New Jersey-based Woodmont Properties, a leading real estate development and management firm established in 1963. Woodmont Industrial Partners was formed in 2011 and is focused on the acquisition opportunities in select, high-barrier-to-entry and globally oriented seaports of New York/New Jersey, and the inland ports of the Lehigh Valley and Central Pennsylvania. The company’s mission is to create a portfolio of high-quality assets via the acquisition of individual properties as well as development opportunities. www. woodmontindustrialpartners.com
