16B — June 17 - July 21, 2022 — Northeastern Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
N ortheastern PA
By Steve Cole, SIOR, NAI Mertz of PA Spotlight shines on Northeastern Pennsylvania courtesy of its ideal location & industrial roots
N ortheastern Pennsyl- vania and its chief cities of Scranton, Wil-
s/f in Hanover Township and a 1,000,000+ s/f facility in Valley View Business Park leased to Amazon. On the leasing side, the roster of national names with a presence in the area continues to grow. Notable re- cent leasing deals include a 1.4 million s/f lease by Samsung in Hazleton; a 1.3 million s/f by Big Lots in Tremont, Schuylkill County; and a one million s/f lease by Bed Bath & Beyond in Frackville, Schuylkill County. It may have taken a bit of time for the corporate sector to recall that the communities of Northeastern Pennsylvania have a proud industrial heri- tage to go along with a desirable location, but now that the region is back in the spotlight, its in- dustrial real estate market has experienced rapid, substantial growth. Unlike the anthracite that first brought the region to prominence, the resources driv- ing the latest industrial boom in Northeast Pennsylvania are not exhaustible. Steve Cole, SIOR is vice president of NAI Mertz of PA. MAREJ
nia Turnpike – that lead to the Northeast’s major met- ropolitan areas. All told, an operation based in Northeast- ern Pennsylvania can reach nearly one-third of the U.S. population and half of the Canadian population within an 11-hour drive, the permis- sible daily drive time for com- mercial truck drivers. Along with that, the pedigree of skilled labor that established the region as an industrial powerhouse has endured. “The intrinsic traits of the region – its location and work- force, certainly keep NEPA in the discussion for any ware- house site selection. What truly sets us apart and is often the deciding factor when firms opt for the area is the lower oper- ating costs that are realized,” according to David Weaver, SIOR, Vice President of NAI Mertz of PA. “Rents, while rising due to sustained high demand, are still considerably lower than surrounding mar- kets, such as Northern New Jersey. Combined with the region’s favorable cost of living designation is a testament to Chris’ dedication to providing his clients with the highest level of service, and we look forward to his continued suc- cess as a part of the NAI Mertz of PA team,” he added. Matus is an industrial & re- tail specialist and was recently promoted to director of NAI Mertz of PA. In addition to his SIOR designation he is a certi- fied Project Management Professional (PMP) , and Certified Commercial In- vestment Member (CCIM) . NAI Mertz, with a team of over 40 professionals, now has ten team members that hold the SIOR designation—the most of any commercial real es- tate firm in the region. In addi- tion, NAI Mertz vice president, Roy Kardon , served as the president of SIOR NJ Chapter in 2018, and Rebecca Ting, vice president, served as the chapter’s president in 2016. With 3,000 members in more than 630 cities in 34 countries, SIOR represents today’s most knowledgeable, experienced, and successful commercial real estate brokerage specialists. Real estate professionals that
and pro-business climate, the economic argument for NEPA is quite solid.” The unprecedented demand for distribution space has pre- cipitated unprecedented devel- opment throughout the region, with projects under construc- tion or planned totaling in the tens of millions of square feet. The area is still in possession of an abundance of developable land and, consistent with the area’s cost-effective nature, land is cheaper to purchase and construction expenses are com- paratively lower. Development continues at a brisk pace in the preeminent industrial parks, including Mericle’s CenterPoint in Pittston, Humboldt Industri- al Park in Hazleton, and Valley View Business Park in Jessup, but the push for more space has spread into all surrounding counties with largescale dis- tribution and manufacturing facilities popping up all along the I-80 and I-81 corridors in Carbon, Schuylkill, and Monroe Counties. This era of robust industrial growth has led to some notable hold the SIOR designation are recognized by corporate real estate executives, brokers, agents, lenders, and other real estate professionals, as the most capable and experienced brokerage practitioners in any market. SIOR designees can hold the following specialty designations: industrial, of- fice, sales manager, executive manager, or advisory service. Founded in 1980, NAI Mertz is a leading full-service commer- cial real estate firm conducting business throughout the United States, and globally, from its regional offices in NJ, greater Philadelphia and northeastern PA. The company provides ex- pert services in brokerage, leas- ing, sales, investments, prop- erty management, site selection and construction management in the industrial, office and re- tail sectors. NAI Mertz’s clients include Fortune 500 companies, financial institutions, private investors, large public corpora- tions and small businesses. Its partnership with NAI Global, a top five commercial real es- tate brand, enables the firm to provide large-scale global real estate services. MAREJ
accomplishments for the re- gion. In its most recent annual report, the Commonwealth’s Governor’s Action Team (GAT) showed that Northeastern Pennsylvania led the state both in job creation as a whole and specifically in the manufactur- ing industry and regional and national headquarters sectors. “Northeast Pennsylvania has been quietly re-emerging as a major player on the industrial scene for a while now. But the momentum has really accelerated over the past few years,” said Chris Matus, CCIM, SIOR, PMP, Director with NAI Mertz of PA. “We’re of course on the radar for all prospective warehouse and manufactur- ing users, but beyond that, the strength of industrial assets in the area has caught the eye of investors. The past two years have seen an ex- ponential jump in industrial investment sales.” Notable recent sale trans- actions include the portfolio sale of two triple net leased buildings totaling 2,000,000+
kes-Barre, and Hazle- ton have long been synony- mous with industry in America, first as a mining and rail hub and later as
Steve Cole
a center of manufacturing ac- tivity. As such it should be no surprise that as the industrial sector has become a runaway success story over the past de- cade, the region has emerged as one of the hottest commer- cial real estate markets in the nation – the only curiosity is that it took so long for the boom to arrive. Industrial’s surge has been propelled by large warehouse users seeking ideal locations and capable workforces. Northeastern Pennsylvania stands at a crossroads of interstates – including I-81, I-80, I-84, and the Northeast Extension of the Pennsylva-
Chris Matus of NAI Mertz of PA receives prestigious SIOR designation
Major warehouse for Peterbilt facility planned for Davis St. At I-81
WILKES-BARRE, PA — NAI Mertz , a leading full- service commercial real estate
firm conduct- ing business throughout the United States, and globally, from its regional offices in NJ, greater Phila- delphia and
Chris Matus
northeastern Pennsylvania, announced today that Chris Matus, CCIM, PMP , director of NAI Mertz of PA in Wilkes- Barre has earned the SIOR designation from the Society of Industrial and Office Realtors. The prestigious SIOR desig- nation is a professional symbol of the highest level of knowl- edge, production and ethics in the real estate industry. “We congratulate Chris on receiving the SIOR designa- tion,” said Steve Cole, SIOR , vice president. “This accolade recognizes experts in our in- dustry that are committed to achieving professional excel- lence through a high degree of education, training and success. Earning the SIOR
proved Hunter Truck’s land development plan, but there still are some conditions that it must meet, such as sanitary services. “They got a permit to do site work,” King said recently. He estimated the project probably would take about six to nine months. The land develop- ment plan was first submitted about a year ago. Hunter Re- alty Partners, LP, of Butler County, purchased 11 acres on Stafford Avenue from St. Stanislaus Polish National Catholic Church for $1.1 mil- lion, according to the deed recorded in April 2019. MAREJ
MOOSIC, LACKAWANNA COUNTY, PA — Two new development projects just off the Davis Street exit of Interstate 81 in Lackawanna County are progressing, but one, construction of a half- million-square-foot warehouse in Moosic, might not happen for a few years. Work has been underway, though, to clear land for a Peterbilt truck dealership at 2900 Stafford Ave. in Scran- ton, and construction should take place this year. Scranton City Planner Don King said the planning commission conditionally ap-
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