Woodmont Sells Northeast PA Industrial Building
Before the sale, the company completed an extensive capital improvement plan for 1 Commerce Road, a 437,446-square-foot warehouse in Pittston, Penn.
By Keith Loria, Contributing Editor
Woodmont Industrial Partners has sold 1 Commerce Road, a 437,446-square-foot industrial building in Pittston, Pa.
Before the sale, Woodmont finished an extensive capital improvement plan on the building, which is currently occupied by an internationally-recognized corporation. The upgrades included adding loading docks, converting to natural gas and upgrading the lighting and power.
“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,” Eric Witmondt, Woodmont Industrial Partners’ principal, said in a prepared release. “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 property 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.
To date, Woodmont’s WIP’s total transaction volume for the year is approximately 2 million square feet. According to Witmondt, the firm is actively seeking new opportunities either in the form of land and/or existing buildings in need of a redevelopment.
Importance of location
The warehouse is located 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 Road, which links the airport to the surrounding industrial parks.
This summer, Woodmont’s management arm was named the exclusive leasing representative for Western Plaza, a 200,000-square-foot retail complex in Knoxville, Tenn., and the Historic Biltmore Village, a multi-phased retail and mixed-use development in Asheville, N.C.
Image courtesy of Woodmont Industrial Partners