Wednesday, October 20, 2021

Investor Buys Amazon Facility Near Scranton

 By Rachel Whaley CoStar Research

Preylock Holdings has purchased a recently built distribution center fully leased by Amazon in Jessup, Pennsylvania, a borough located about 7 miles from Scranton.

The Los Angeles-based investor acquired the 1.03 million-square-foot facility from a joint venture between Trammell Crow Co. and Diamond Realty Investments Inc., which developed the distribution center. Preylock paid $127.7 million for the facility, according to a Pennsylvania Department of Revenue realty transfer tax statement of value.

Located at 45 Valley View Drive, the joint venture broke ground on the speculative distribution center in November 2018 and wrapped-up construction on it in August 2020. The facility features a 40-foot clear height, 190-foot-deep truck courts with opposing trailer storage, ESFR fire protection, 311 trailer parking spots, 277 car parking spots and 159 dock positions.

The joint venture announced in March 2021 that it leased the entire facility to "a major ecommerce tenant," which was later reported to be Seattle-based retail giant Amazon. The distribution center serves as one of Amazon's XL facilities, where the company packs and ships large items such as mattresses, grills and exercise equipment, according to local media reports.

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