Equilibrium Equities Acquires 514,000 SF Distribution Center in New York

KIRKWOOD, N.Y. — An affiliate of Blue Bell, Pa.-based Equilibrium Equities Inc. has acquired a distribution center located at One Grosset Drive in Kirkwood, within the Greater Binghampton, N.Y., area. Penguin Random House LLC sold the property for an undisclosed price. The buyer plans to immediately rebrand the 514,000-square-foot center as a multi-tenant distribution facility called Triumph Business Center. Situated on 51 acres, the property features 28- and 29-foot ceiling heights, a 62,000-square-foot rack-support section, and a fully automated storage and retrieval system with an 82-foot ceiling height. Planned renovations include improved exterior aesthetics, lighting and signage upgrades, minor building system repairs and improved truck loading. Pre-leasing activities for the rebranded center have already commenced.