Realterm, an Annapolis, Maryland-based firm that owns and manages transportation real estate and infrastructure assets, acquired two properties in the Stauffer Industrial Park, which spans parts of Scranton and Taylor, company officials said;
Kane Properties I LP of North Abington Twp. sold the the two parcels — which encompass a total of 102,220 square feet and are fully leased to ID Logistics — to RLIF Co-Investment II Properties LLC, a fund managed by Realterm, for $11 million, according to a deed recorded Wednesday in Lackawanna County.
The 23.7-acre property at 26 Stauffer Industrial Park in Taylor — a Sam’s Club distribution center — includes a 61,922-square-foot terminal warehouse, 4,298 square feet of office space, 84 dock doors and two access points, company officials said.
About a mile away, a 19.3-acre property at 3 Stauffer Industrial Park in Scranton — a distribution and fulfillment center — features a 20,543-square-foot maintenance facility, 15,457 square feet of office space, and three access points, officials said.
The location of the industrial park offers access to more than 95 million people within a one-day drive from major metropolitan areas including New York City, Philadelphia, Baltimore, Washington D.C., and Boston, Realterm officials said.
“This is a rare opportunity to acquire an institutional-quality truck terminal of scale in a supply-constrained market,” said Arnie Capute, vice president of investments for Realterm’s East Region. “The property is ideally positioned for transportation users looking to service the greater Northeast.”
Stephen Panos, managing director and senior fund manager for Realterm, noted the acquisition capitalizes on the growing demand for industrial outdoor storage facilities across the country.
“The established tenant relationships, strategic I-81 corridor positioning, and fully stabilized cash flows provide strong fundamentals for long-term value creation in this essential infrastructure sector,” Panos said.