A joint venture between Endurance Real Estate Group and Blue Vista Capital has secured a $54.35m loan for the construction of an industrial building in Northeastern Pennsylvania. The 1,078,200 sq ft class A bulk distribution building will be housed in the Interstate Distribution Center, a 225-acre development located in the heart of the I-81 Corridor industrial submarket. The new building will offer 40-foot clear heights, a cross-dock configuration and 193 dock doors, including 108 with dock packages. The property will also include two drive-in doors, 421 car parking spaces, a truck court with dock aprons and 129 truck parking spaces Endurance and Blue Vista purchased the IDC site in 2012. Holliday Fenoglio Fowler arranged the funding through Square Mile Capital Management.
“The Eastern Pennsylvania industrial market, particularly the NEPA submarket, continues to see increased demand for state-of-the-art distribution buildings from end users” said Ben Cohen, president of Endurance. “Our decision to go spec with a 40-foot clear building should be well received in the marketplace given the historically low vacancy rates and known timetable for delivery.”
