WILKES-BARRE, PA — NAI Mertz, a leading full service commercial real estate firm conducting business throughout the United States, and globally, from its regional offices in New Jersey, greater Philadelphia and northeastern Pennsylvania, announced it recently recorded the sale of a 225,000 s/f industrial property located at 827 Sans Souci Parkway in Wilkes-Barre. The NAI Mertz team of vice presidents David Weaver, SIOR, and Stephen Cole, SIOR, represented the seller, Medley Investments, a longtime client of the firm. They procured the deal, negotiating throughout to the closing of this transaction. The buyer, PSI, a pipe distribution company, was represented at closing by Elijah Miller of Hinerfeld Commercial Real Estate.
“The Wilkes-Barre industrial real estate market is thriving for both property owners and investors alike, and we are pleased to have assisted our client in this property disposition,” said Weaver.
PSI, a pipe distribution company, is expanding into this facility from its previous location in Mountain Top, Pennsylvania. The company has pledged to invest over $9 Million to renovate this facility, including the addition of a pipe mill which will allow it to develop its manufacturing operations. The capital improvement project is expected to create 50 new, full-time jobs and retain 37 existing jobs for Pennsylvanians over the next three years.
“The new building owner is a well-respected company and is dedicated to bringing quality product and new jobs to the market,” said Cole. “We are excited to see them continue their growth in Northeastern PA, especially in the manufacturing sector,” he added.
With convenient access to I-81 and Routes 11 and 309, 827 Sans Souci Parkway is a crane and rail served heavy industrial building. The availability of rail service will be beneficial to the growth of PSI as it further develops its manufacturing operations.
