Woodmont Industrial Partners has closed on the sale of 1 Commerce Road in Pittston, Pennsylvania. The company recently completed an extensive capital improvement plan to the 437,446 sqf industrial building, which is currently occupied by an internationally-recognized corporation. The site of the former Penguin Random House site, which served as the company’s book distribution center, the facility 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. The property is located off Interstate 81 in Northeast Pennsylvania and is situated just east of the Wilkes-Barre Scranton International Airport, which is considered part of the Northeast Industrial Corridor. Terms of the disposition were not disclosed.
“The warehouse’s prime location in the heart of the Northeast Pennsylvania market, along with the new Avoca interchange directly connecting Commerce Road 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 approximately 2M square feet.
