Gladstone Signs 967 KSF Tenant Near Scranton
A 3PL firm leased the entire facility.
Hub Group Inc. has signed a full-building, 966,753-square-foot lease in Taylor, Pa., commencing July 1, 2024. Gladstone Commercial owns the industrial property since 2014.
Hub Group is a third-party logistics firm based in Oak Brook, Ill. The company provides transportation and logistics services including intermodal, truckload, less-than-truckload, flatbed, temperature-controlled, dedicated and regional trucking.
The warehouse is a “high-quality, functional building with sufficient clear heights, loading, and trailer parking to meet the needs of tenants,” Catherine Gerkis, director of investor relations/ESG at The Gladstone Cos., told Commercial Property Executive.
READ ALSO: Extra-Large Warehouse Leasing Slows Down
As of March 31, Gladstone Commercial’s real estate portfolio consisted of 132 properties located in 27 states, totaling approximately 16.7 million square feet.
Part of the I-78/I-81 corridor
Hub Group’s future home came online in 2002 within Stauffer Industrial Park, according to CommercialEdge information. Kane Properties sold the 51.6-acre lot which included the warehouse to Gladstone for $39 million.
The property previously housed Kane is Able, a regional third-party logistics company which was acquired by ID Logistics in 2022. Its 10-year lease expired in 2024.
The warehouse is at 6 Kane Lane, along the I-78/I-81 industrial corridor, some 4 miles from downtown Scranton, Pa. Wilkes-Barre Scranton International Airport is roughly 7 miles southwest.
The PA I-78/I-81 corridor showed signs of returning to prepandemic indicators in the first quarter of this year, according to a CBRE report. Leasing activity witnessed a few large deals, but the vacancy rate remained unchanged at 6.4 percent over the quarter.
You must be logged in to post a comment.