NorthPoint Development has picked up a three building industrial portfolio in Northeastern PA from Endurance Real Estate Group. Totaling 544,974 square feet, the buildings are located at 7 Alberigi Drive and 15 Alberigi Drive in Jessup and 32 Earth Conservancy Drive in Wilkes-Barre. All three buildings are Class A facilities that were initially developed as part of a joint venture partnership between MetLife and Chicago-based Versus Development. The facility offers 30-foot clear height ceilings, T-5 lights and the potential to expand car and trailer parking as well as loading positions. Cushman & executive director Wakefieldās Gerard Blinebury led the team which represented the seller. Terms of the sale were not disclosed.
āThis was a great opportunity for both the buyer and seller,ā said Blinebury, who noted that the portfolio was 78 percent occupied at the time of the sale. There has been approximately 3 million square feet of net absorption year to date with over 3 million square feet of new construction underway, much of it pre-leased. The current vacancy rate of 3.8 percent is the lowest throughout the eāastern part of the state, and we expect demand will continue to outpace supply.ā
