{"id":1004667586,"date":"2023-06-14T04:15:04","date_gmt":"2023-06-14T12:15:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004667586"},"modified":"2023-06-14T04:32:38","modified_gmt":"2023-06-14T12:32:38","slug":"hines-pays-60m-for-pennsylvania-industrial-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-pays-60m-for-pennsylvania-industrial-asset\/","title":{"rendered":"Hines Pays $60M for Pennsylvania Industrial Asset"},"content":{"rendered":"<div id=\"attachment_1004667600\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Covington-e1686657948833.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004667600\" data-attachment-id=\"1004667600\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-pays-60m-for-pennsylvania-industrial-asset\/covington\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Covington-e1686657948833.jpg\" data-orig-size=\"713,534\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Covington\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Covington Logistics center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Covington-e1686657948833.jpg?w=713\" class=\"wp-image-1004667600 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Covington-e1686657948833.jpg?w=300\" alt=\"Covington Logistics center\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Covington-e1686657948833.jpg 713w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Covington-e1686657948833.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004667600\" class=\"wp-caption-text\">Covington Logistics Center. <em>Image courtesy of Portman Holdings<\/em><\/p><\/div>\n<p><strong>Hines<\/strong> has completed the purchase of Covington Logistics Center, a 501,600-square-foot industrial asset in Covington Township, Pa. Developer <strong>Portman Holdings <\/strong>and private equity company <strong>Rockpoint <\/strong>sold the property for $60 million, according to Lackawanna County public records. <strong>Cushman &amp; Wakefield<\/strong> arranged the deal on behalf of the seller.<\/p>\n<p>Located at 180 First Ave. in <span class=\"ui-provider gs b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">Gouldsboro<\/span>, 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.<\/p>\n<p>All-Ways Pacific, a freight distribution company, signed a lease for the entire building this February. Cushman &amp; Wakefield&#8217;s Executive Vice Chairman Gerry Blinebury and Senior Associate Collin Potter brokered the leasing arrangement on behalf of Hines and Portman.<\/p>\n<p>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.<\/p>\n<p>In January, <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-pays-127m-for-new-jersey-industrial-portfolio\/\">Hines paid $127.4 million<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &#038; Wakefield arranged the deal on behalf of the seller.<\/p>\n","protected":false},"author":2991,"featured_media":1004667600,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,11,21742,1494],"tags":[32799,32797,33858],"class_list":["post-1004667586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-midatlantic","category-latest","category-philadelphia","tag-cushman-wakefield","tag-hines","tag-portman-holdings-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hines Pays $60M for Pennsylvania Industrial Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Hines purchased a 501,600-square-foot industrial asset in Covington, Pa. Portman Holdings and Rockpoint sold the property for $60 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-pays-60m-for-pennsylvania-industrial-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Pays $60M for Pennsylvania Industrial Asset\" \/>\n<meta property=\"og:description\" content=\"Hines purchased a 501,600-square-foot industrial asset in Covington, Pa. 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