DUNMORE, PA — JLL’s Capital Markets experts announced the completed sale of Key Market Distribution Center, a two-building industrial portfolio totaling 445,751 s/f located at 1026-28 Reeves Street in Dunmore. An affiliate of Equilibrium Equities, located in Blue Bell and represented by JLL, sold the property to The Silverman Group for $14.3 million.
Executive vice president John Plower led the transaction along with managing director James Galbally, senior vice president Brett Grifo, executive vice president Chad Orcutt and vice president Jeff Lockard.
Upon closing, the property was 100% leased to a variety of tenants across multiple business segments.
Comprising 445,751 s/f in two-buildings on 21.1 acres, Key Market features incredible flexibility and functionality; its various unit sizes range from 13,000 s/f to 210,000 s/f, complete with demising walls and individual office build-outs.
Key Market is located near several primary distribution routes in Northeast Pennsylvania including I-81, 80, 476, and 84, as well as Rte. 6. This strategic location offers ease of access to over 35% of the U.S. population and 50% of the Canadian population within a one-day drive.
“Key Market Distribution Center presented an opportunity to acquire two well-located, shallow bay industrial buildings that offer incredible flexibility in a competitive and well-established market,” said Plower. “The property’s historical tenant retention spoke to the desirability of its space and location and we’re pleased with the value this transaction will create for both Equilibrium Equities and The Silverman Group.
”In other news, JLL announced Colin Behr has joined the firm as a VP of Capital Markets, retail. He will be based in the firm’s Philadelphia office and will work primarily with managing directors Jim Galbally and Bill Moylan on retail capital markets assignments throughout Greater Philadelphia and the Mid-Atlantic.
“We are excited to have Colin join our team. The addition of Colin reinforces our commitment to hiring the best talent in the market to best serve our clients,” said Jim Galbally, managing director of Capital Markets in Philadelphia. “Colin’s expertise in the retail sector and investor relationships will further strengthen our team and our ability to maximize value for our clients throughout the Mid-Atlantic.”