NorthPoint Development Acquires Property In Jessup With Seller's Broker Gerard Blinebury

The sale involves a three-building industrial portfolio located at 7 Alberigi Drive and 15 Alberigi Drive in Jessup, along with 32 Earth Conservancy Drive in Wilkes-Barre, Pennsylvania. The total square footage for the portfolio is 544,974 square feet. These Class A facilities feature 30-foot clear height ceilings, T-5 lighting, and the capacity for expanded car and trailer parking and loading positions. The properties are situated in a densely populated area with advantageous access to major highways including I-81, I-84, I-80, I-380, and the Pennsylvania Turnpike.

Summary of transaction details:

• Property Type: Industrial Portfolio
• Transaction Amount: Not disclosed
• Address: 7 Alberigi Dr, Archbald, PA, 18403
• Market: Jessup
• Seller's Representative: Gerard Blinebury-Cushman & Wakefield
• Buyer: NorthPoint Development
• Seller: Endurance Real Estate Group, LLC
• Occupancy Rate at Sale: 78%
• Current Vacancy Rate: 3.8%

Gerard J. Blinebury, executive director with Cushman & Wakefield, led a team including Gary Gabriel, Jeffrey L. Williams, and Daniel J. Walsh in the representation of the seller during this transaction. The sale represents the largest industrial real estate portfolio traded in Northeastern Pennsylvania in several years. Notably, the Northeastern PA submarket has seen about 3 million square feet of net absorption year to date, indicating a strong demand for industrial space.