PITTSTON, PA — Woodmont Industrial Partners (WIP), a development and management firm announced the sale of 1 Commerce Rd. in Pittston. Prior to the sale, Woodmont completed an extensive capital improvement plan to the 437,446 s/f industrial building.
“The warehouse’s prime location in the heart of the Northeast Pennsylvania market, along with the new Avoca interchange directly connecting Commerce Rd. 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 2M s/f. 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.
Located off I-81 in Northeast PA, 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 Rd. The new interchange connects the airport to the surrounding industrial parks, increasing the value of this location.