www.marejournal.com P ennsylvania S potlight E astern Reflecting developer’s strategy of implementing capital improvements to well- located props. Woodmont Industrial Partners acquires 437,000 s/f warehouse in Pittston, PA P M id A tlantic Real Estate Journal — Pennsylvania — July 17 - 30, 2015 — 13A
ITTSTON, PA — Woodmont Indus- trial Partners has acquired a 437,000 s/f ware- house building at 1 Com- merce Rd. in Pittston. The former Penguin Ran- dom House LLC site, which served as one of the com- pany’s book distribution cen- ters, is now available for lease. Andrew Houston and Adam Ardise of DTZ repre- sented the seller. The Jones Lang LaSalle Pennsylvania brokerage leasing team, led by Kim Meincke and Lee Fittipaldi , will represent the property. Woodmont will implement a capital improvement pro- gram that will include new trailer parking and the addi- tion of up to 20 loading docks. Additional renovations will give the metal-paneled build- ing a more modern feel and add extra functionality. “The property appealed to Woodmont because of its prime location in the heart of the Northeast Pennsylva- nia market. The new Avoca interchange under construc- tion now will connect Com-
1 Commerce Rd.
merce Rd. directly to I-81, just south of the property,” said David Iacobucci , man- aging director of Woodmont Industrial Partners. “The building is highly functional in its current configuration,
but adding the new loading docks will further increase its potential.” Strategically located off of I-81 in Northeast Pennsylva- nia, the warehouse is situated just east of the Wilkes-Barre
Scranton International Air- port, and is part of the North- east Industrial Corridor. The Pennsylvania Department of Transportation has begun construction on a new ac- cess Rd. that will connect
the exit off of I-81, directly to Commerce Rd. The new interchange will connect the airport to the surrounding industrial parks, making the warehouse even more conve- niently located. n
5.7 percent CAP was achieved on trailing numbers Rittenhouse Realty Advisors sells 19 apartments in Francisville neighborhood for $2.5 million
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unit. Managing partner KenWellar said, “There has been remarkable
17 units at 1420-24 W. Girard Ave. Mark Duszak , director of RRA, noted: “Francisville is Philadelphia’s most prom- ising and invigorated neigh- borhood due to its strategic location bordering Fairmount, Spring Arts, The Loft District and Temple University. The area has attracted a tremen- dous amount of investors trying to capitalize on this growth.” Based in Philadelphia, Rit- tenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the bro- kerage of multi-family com- munities throughout the NE region of the United States. n
H I L A D E L P H I A , PA — Rittenhouse Realty Advisors an-
revitalization in the Fran- cisville mar- ket, pushing buyers to pay aggress i ve CAP rates. A 5.7 percent C A P w a s achieved on
nounced the sale of The Corinthian Apartments in the Fran- c i s v i l l e n e i g h b o r - hood of Phil- a d e l p h i a . The 19 unit
Ken Wellar
Mark Duszak
trailing numbers.” This is the third sale RRA has closed in the Francisville neighborhood in Philadelphia. In 2014 the firm sold 17 new construction apartments at 1509-11 W. Girard Ave. and
complex features a mixture of studios, one, two and three- bedroom apartments with a shared courtyard area. The property, which was fully occupied at the time of sale, traded for over $131,000 per
Corinthian Apartments
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