Construction Of A Distribution Building Begins On Former Techneglas Site
JENKINS TWP. — Endurance Real Estate Group, a Radnor, Pennsylvania-based developer, has secured a $54.35 million loan to begin constructing a 1,078,200-square-foot distribution building at the former site of Techneglas at 140 Industrial Drive in Jenkins Twp.
Brian Evans, acquisition and asset management analyst for Endurance Real Estate Group, said the building will be constructed on speculation, meaning it does not yet have a commitment from an occupant.
Endurance and Blue Vista Capital, an investment management firm, announced in a press release that the companies have closed on a construction loan with Square Mile Capital Management LLC. Construction of the building has begun and is expected to be completed in the third quarter of 2019.
The development, called the “Interstate Distribution Center,” is being constructed on a 225-acre development in the heart of the Interstate-81 Corridor industrial submarket. The project is located at the confluence of Interstate-81 and Insterstate-476, which offers direct access to the major arteries as well as Interstates 80, 84 and 380.
The Cushman & Wakefield team of Gerry Blinebury and Dan Walsh are marketing the building for lease and more information can be found at www.idcpittston.com.
Endurance and Blue Vista purchased the site in 2012 which, at the time, contained more than 1 million square feet of existing manufacturing and distribution space and was 50 percent leased.
Techneglas, a company that made the glass screens for televisions, closed its plant on the site in 2004 and filed for bankruptcy after going through years of layoffs.
Endurance pursued approvals to demolish the existing structures on the site and transform it into a modern bulk warehouse/distribution park.
Jenkins Twp. officials recently granted Endurance approval to proceed with the first phase of its development plan, which includes construction the more than 1 million square-foot building and an additional 125,125-square-foot building, which is being marketed on a “build-to-suit” basis.
The second phase of development will include a third building on the northern part of the site anticipated to be about 500,000 square feet.
For the complete story, read The Citizens’ Voice on Wednesday.