#United States #EQT Real Estate #Northeast Pennsylvania #Olyphant #Scranton Logistics

EQT Real Estate Acquires Scranton North Logistics Center

EQT Real Estate has made a significant move by acquiring the Scranton North Logistics Center, a strategically positioned distribution facility in Olyphant, Pennsylvania. This acquisition highlights EQT's commitment to investing in high-quality logistics properties, and the new addition aligns perfectly with their growth strategy targeting industrial assets in supply-constrained markets.

Overview of the Acquisition

The Scranton North Logistics Center, which spans an impressive 1 million square feet, was completed in 2023 and incorporates modern architectural specifications designed to cater to the needs of top-tier tenants. The facility boasts a series of industry-leading features to support its operations:

• - 40-foot clear heights: Providing ample vertical space for storage and operations.
• - 600-foot building depth: Allowing for efficient inventory management and movement.
• - 185-foot truck court: Designed to facilitate high-volume truck traffic and operations.
• - 233 trailer stalls and 163 dock-high doors: Aiding in seamless loading and unloading processes.

Built as a cross-dock distribution center, the logistics facility includes minimal office space, favoring operational efficiency and full truck circulation, making it an ideal hub for distributing goods. It is currently fully leased to an investment-grade tenant, ensuring immediate revenue generation from the asset.

Strategic Location

Strategically located at 1300 Corporate Way, the Scranton North Logistics Center sits approximately one mile from US Route 6 and five miles from the junction of Interstates 81 and 84. This position places it within one of the nation’s most competitive big-box industrial markets, characterized by a low vacancy rate of less than 4%. Limited availability of industrial space in the region further enhances the asset's appeal as a long-term investment.

Matthew Brodnik, the Global Chief Investment Officer at EQT Real Estate, expressed enthusiasm about this acquisition, stating, "The Scranton North Logistics Center adds significant value to our growing portfolio of core, institutional-quality logistics assets. Its strategic location and advanced specifications exemplify the enduring strength of the Northeast corridor, aligning with our objective of acquiring high-performing assets in critical regional distribution centers."

Successful Partnership

EQT Real Estate acknowledges the role played by JLL in this acquisition, particularly thanking John Plower, alongside Ryan Cottone and Zach Maguire, who represented the seller during the transaction process. Such partnerships are crucial in navigating the complexities of property acquisitions in the competitive industrial real estate market, especially in high-demand areas like Northeast Pennsylvania.

Future Implications

The acquisition of the Scranton North Logistics Center is expected to bolster EQT Real Estate’s position in the industrial sector, allowing them to cater to a growing clientele seeking reliable logistics solutions amidst rising e-commerce demands. As consumer behaviors shift, the need for robust logistics infrastructure becomes increasingly critical. EQT’s foresight in investing in state-of-the-art facilities reflects not only their commitment to quality but also their strategic vision in a rapidly evolving industry.

In summary, with the addition of the Scranton North Logistics Center, EQT Real Estate is poised for continued growth, leveraging its prime location and modern design to meet the demands of today’s ever-changing market.