A Missouri-based real estate firm purchased the fourth lot in the upcoming Triboro Industrial Park in Olyphant, spending $80 million since June to buy the entire industrial park.
Ercor Triboro Lot 4 LLC acquired lot 4 of the Triboro Industrial Park for $22.5 million, according to a property transaction recorded Thursday. Operating under the names Ercor Triboro LLC, Ercor Triboro Lot 1 LLC and Ercor Triboro Lot 3 LLC, the same firm purchased the industrial park’s other three lots over the last six months. Ercor uses the address 120 S. Central Ave., Suite 500, St. Louis, Missouri, which is the address for real estate firm Sansone Group. Sansone describes itself on its website as a national commercial real estate firm specializing in development, facility management and brokerage services in commercial and residential sectors.
Charles DeNaples, the son of Keystone Sanitary Landfill co-owner Dominick DeNaples, signed all four deeds as the managing member of Triboro.
A marketing brochure hosted on triboroindustrialpark.com from Sansone Group, Broadstone Net Lease Inc. and Cushman & Wakefield advertises just over 4.5 million square feet of space across four buildings in the industrial park on a large swath of land in the middle of Route 247, the Casey Highway and Marshwood Road; vehicles will access the industrial park from Marshwood Road, about a mile off of Exit 1 on the Casey Highway. The buildings will range from about 1.067 million square feet to 1.184 million square feet, according to the brochure.
Plans for the industrial park date back to at least 2019 when a company representative approached Olyphant seeking a tax break to build an industrial park on the land. In response, Olyphant council, the Mid Valley School Board and Lackawanna County commissioners approved a 10-year tax abatement term for the Triboro property, applying Local Economic Revitalization Tax Assistance status to 964 acres of the deteriorated, undeveloped land. Once the buildings are finished, the landowners will only pay 5% of taxes on improvements to the property for the first year, increasing by 5% in subsequent years. During the 10th and final year of the LERTA, property owners will pay 50% of the value of the improvements before paying full taxes the following year.
The initial plans for the industrial park came during the height of new warehousing and distribution facilities in the Midvalley, as e-commerce giants like Amazon and Chewy worked on million square foot facilities in the nearby Valley View Business Park in Jessup and Archbald. The demand for massive warehouses has since slowed locally, with new interest replaced by data centers.
The first two buildings in the industrial park, designated Building A and Building B, are advertised like warehouses, with the brochure listing 448 car parking spots, 386 tractor trailer parking spots and 158 dock doors at Building A; and 438 car parking spots, 346 trailer parking spots and 143 dock doors at Building B. Building A would deliver in the first quarter of 2027, and Building B in the second quarter, according to the brochure.
The other two buildings, Building C and Building D, have “build-to-suit opportunities available,” according to Sansone’s brochure, which also advertise up to 60,000 amps of electricity available upon request.
The industrial park is located just south of the former Dolph Coal Co.’s Hannah Bell Slope Mine, which was the site of a mine fire burning beneath Olyphant that was finally extinguished last year.