NorthPoint Development Acquires Property At 15 Alberigi Dr In Archbald With Gerard Blinebury As Seller's Representative

The property asset involved in the transaction is a three-building industrial portfolio located at 15 Alberigi Dr, Archbald, PA, 18403, within the Jessup market. This portfolio totals 544,974 square feet and consists of 7 Alberigi Drive and 15 Alberigi Drive in Jessup, along with 32 Earth Conservancy Drive in Wilkes-Barre. At the time of the sale, the portfolio was occupied at 78 percent capacity and consists of Class A facilities featuring market-leading functionality, including 30-foot clear height ceilings and T-5 lights, along with opportunities for expanding car and trailer parking and loading positions.

Summary of transaction details:

• Property Type: Industrial Portfolio
• Transaction Amount: Not disclosed
• Address: 15 Alberigi Dr, Archbald, PA, 18403
• Market: Jessup
• Seller: Endurance Real Estate Group, LLC
• Buyer: NorthPoint Development
• Seller's Representative: Gerard Blinebury-Cushman & Wakefield
• Building Addresses: 7 Alberigi Drive, 15 Alberigi Drive, and 32 Earth Conservancy Drive
• Total Square Footage: 544,974
• Occupancy Rate at Sale: 78 percent

Gerard J. Blinebury of Cushman & Wakefield led a team that included Gary Gabriel, Jeffrey L. Williams, and Daniel J. Walsh, representing the seller in this significant transaction. Blinebury noted that the current vacancy rate in the Northeastern PA submarket is 3.8 percent, which is the lowest in the eastern part of the state, indicating strong demand for industrial space. The transaction represents a noteworthy addition to NorthPoint Development's portfolio in a market characterized by approximately 3 million square feet of net absorption and extensive construction activity.