Thursday, April 18, 2019

Endurance Acquires 243K SF Hazleton, PA Industrial

by Steve Lubetkin,
An affiliate of Endurance Real Estate Group and CenterSquare Investment Management have acquired 594 Can Do Expressway, a 242,960 square foot, 32-foot clear warehouse/distribution building located in Hazleton, PA from Quad Graphics, for a price industry sources was probably between $6 and $7 million.
“594 DC is a great value-add/redevelopment lease-up play that fits within Endurance’s long-term sweet spot of re-positioning well-located, functional excess corporate real estate assets."

“As part of the re-branding and kickoff of our planned multi-million dollar renovation project, we are renaming the building the 594 Distribution Center. We will be commencing our planned improvements later this month and expect to have our re-positioning completed by the end of third quarter.”

Part of the planned improvements at the building include the installation of a new roof, the addition of thirteen dock doors on the eastern side of the building, installation of an ESFR sprinkler system, new LED lighting throughout the warehouse area and various office, paving and landscaping improvements. At the completion of the Building renovation, the project will provide a total of 24 loading doors, one drive-in door, 20 trailer spots and 185 parking spaces.

594 DC is located just one mile from Exit 143 of I-81. This location offers excellent transportation links to Interstate Highways and is within 250 miles of most major markets in the Northeast and Mid-Atlantic regions. As part of the eastern and central Pennsylvania industrial market, the northeast Pennsylvania industrial market is an established center for national retail distribution and consumer goods companies in the Eastern United States.
While primarily successful as a big-box market in past years, there has been a recent uptick in tenant requirements in the 100-300,000 square-foot range. The Northeast Pennsylvania Industrial Market development pipeline of industrial projects has very little planned to accommodate those requirements in class A buildings. 594 DC will offer tenants a quality option with state-of-the-art design specifications, at a lower cost than its class A competitors.

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