Covington Logistics Middle. Picture courtesy of Portman Holdings
Hines has accomplished the acquisition of Covington Logistics Middle, a 501,600-square-foot industrial asset in Covington Township, Pa. Developer Portman Holdings and personal fairness firm Rockpoint bought the property for $60 million, in accordance with Lackawanna County public information. Cushman & Wakefield organized the deal on behalf of the vendor.
Positioned at 180 First Ave. in Gouldsboro, Covington Logistics Middle incorporates a 1,500-square-foot workplace part, 40-foot clear heights, LED lighting, 4 drive-in doorways, 98 dock doorways, ESFR sprinkler methods, 193 trailer parking spots and 267 car parking spots.
All-Methods Pacific, a freight distribution firm, signed a lease for the complete constructing this February. Cushman & Wakefield’s Government Vice Chairman Gerry Blinebury and Senior Affiliate Collin Potter brokered the leasing association on behalf of Hines and Portman.
The 36-acre property is close to interstates 380 and 84, within the I-81/I-78 distribution hall, 15 miles south of Scranton, Pa., 19 miles from FedEx Floor in Pittston, Pa., and inside 56 miles of Bethlehem, Pa.
In January, Hines paid $127.4 million for Newark Distribution Middle, a three-building, 738,000-square-foot industrial portfolio in Newark, N.J. The three way partnership of Turnbridge Equities and Lengthy Wharf Capital bought the belongings.
