Thursday, October 29, 2020

Interstate Distribution Center in Pittston, PA Trades to a Fortune 500 company

 Interstate Distribution Center (“IDC”) a 1,078,200 SF Class A bulk distribution building located at 140 Industrial Drive in Pittston, PA traded for $96,000,000.

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. 

The seller purchased the IDC site in 2012, which at the time contained over 1MM SF of existing manufacturing and distribution space and was 50% leased. They 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, there was 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.  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.

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