Hines Pays $60M for Pennsylvania Industrial Asset
Cushman & Wakefield arranged the deal on behalf of the seller.
Hines has completed the purchase of Covington Logistics Center, a 501,600-square-foot industrial asset in Covington Township, Pa. Developer Portman Holdings and private equity company Rockpoint sold the property for $60 million, according to Lackawanna County public records. Cushman & Wakefield arranged the deal on behalf of the seller.
Located at 180 First Ave. in Gouldsboro, Covington Logistics Center features a 1,500-square-foot office component, 40-foot clear heights, LED lighting, four drive-in doors, 98 dock doors, ESFR sprinkler systems, 193 trailer parking spots and 267 vehicle parking spots.
All-Ways Pacific, a freight distribution company, signed a lease for the entire building this February. Cushman & Wakefield’s Executive Vice Chairman Gerry Blinebury and Senior Associate Collin Potter brokered the leasing arrangement on behalf of Hines and Portman.
The 36-acre property is near interstates 380 and 84, in the I-81/I-78 distribution corridor, 15 miles south of Scranton, Pa., 19 miles from FedEx Ground in Pittston, Pa., and within 56 miles of Bethlehem, Pa.
In January, Hines paid $127.4 million for Newark Distribution Center, a three-building, 738,000-square-foot industrial portfolio in Newark, N.J. The joint venture of Turnbridge Equities and Long Wharf Capital sold the assets.