USAA ACQUIRES SEARS DISTRIBUTION CENTER
COVINGTON TOWNSHIP, PA. — USAA has acquired the Sears Distribution Center in Covington Township. The seller’s name and acquisition amount were undisclosed.
Jim Sheehan, Jerome Kranzel, Jeff Williams, Steve Cooper, Gerry Blinebury and Jim Vesey of Cushman & Wakefield brokered the transaction.
The 1.02-million-square-foot property is located within Covington Industrial Park and is situated on 73.6 acres near Scranton. Completed in 2007, the building features a modern design and safety features, a 32-foot clear ceilings, tilt-up concrete, ESFR sprinklers, cross-docking and additional trailer storage.
“The property is brand new and boasts a great location and strong credit tenant for the long term,” says Sheehan. “It achieved premium pricing but represents excellent long-term cash flow stability and potential capital appreciation for the buyer.”
The building is occupied on a long-term lease by Sears Logistics Services.
The Northeast Pennsylvania region contains more than 46 million square feet of industrial property with a relatively low 10.5 percent vacancy rate.