An affiliate of Equilibrium Equities Inc. (www.equilibriumequities.com) of Blue Bell, has acquired the former Ocean Logistics property in Keystone Industrial Park from an affiliate of C&S Wholesale Grocers Inc. for an undisclosed sum.
The property is a highly functional industrial building of 249,000 square feet on 22 acres of land in Dunmore with abundant loading doors, car parking and trailer storage. Located a mile from an interchange of Interstate 81 at 100 Keystone Industrial Park Road in the Keystone Industrial Park, the former Ocean Logistics building was acquired and expanded by Super Market Services in the mid 1970s for use as a distribution center for their health and beauty aid business. The property was vacated in the fall of 2011.
Affiliates of Equilibrium already own a warehouse complex of 445,000 SF in Dunmore and a warehouse of 150,000 SF in Jessup approximately four miles from 100 Keystone.
“We chose this well-maintained property as our newest acquisition and redevelopment project because of its functionality and close access to the interstate system and major markets in the northeast,” said John Morris, senior vice president of Equilibrium Equities. Planned renovations will include improved exterior aesthetics of the property, minor building system repairs and energy efficiency upgrades “We will immediately be addressing various deferred maintenance items and installing various improvements to create efficiency and reliability for potential clients. The building is fully racked, which may give us a strategic advantage with numerous potential customers,” said Mr. Morris.
Atlantic Real Estate Services, Inc. represented the seller in this transaction. Metro Bank Inc. of Harrisburg provided financing for the acquisition and renovation of the building.
Equilibrium Equities Inc. is an investment and development company founded in 1995 that focuses on the development and acquisition of high quality warehouse/distribution facilities in the Northeastern United States. The primary focus is on Pennsylvania, where Equilibrium and its affiliates have acquired large development parcels and buildings in prime locations accessible to key interstate highways. Since 2001, Equilibrium has acquired and developed buildings and parks totaling over 4.1 million square feet of industrial space and currently has approximately 700,000 square feet of additional projects in its acquisition and development pipeline.
For more information, please contact John Morris of Equilibrium Equities Inc. at (570) 829-5700.