Equilibrium Equities, Inc., has finalized the purchase of a 13.7-acre parcel in Humboldt Industrial Park North. The site can accommodate up to 180,000 square feet and the developer plans on constructing a Class-A building upon locating a company to Greater Hazleton, according to John Morris, senior vice president at Equilibrium.
The property, located at 1113 North Park Drive in Humboldt North, will be the second development project in Humboldt Industrial Park for the private investment and commercial real estate company. Its first venture in Greater Hazleton came several years ago when Equilibrium constructed a speculative building in Humboldt Industrial Park East, which eventually became the home of Tootsie Roll Industries.
Equilibrium’s plans for the proposed building include a 32-foot clear height ceiling, direct-fired roof mounted gas units and ESFR sprinkler system. There is ample car parking and additional room for storing trailers, Morris said. Additionally, all utilities are at the property boundary with the capacity to meet virtually any industrial demand.
The site is also located in a Keystone Opportunity Zone (KOZ), which offers tax abatement benefits through December 31, 2017.
Greater Hazleton’s location has many advantages to potential buyers, Morris said, citing the quality of labor, affordable operating costs and a comprehensive interstate system as three major positive factors.
“The cost to get into and operate an industrial building in Greater Hazleton is advantageous for companies looking to locate here,” he said.
“Furthermore, this area has excellent access to interstates, availability of developable ground and the KOZ tax incentives. There has been tremendous growth in Greater Hazleton and we are happy to be a part of that growth,” he said.
Morris said CAN DO is a valuable partner in economic development. “CAN DO has been great throughout our partnership. They have done everything they said they would do.”
Equilibrium Equities is based in Blue Bell, PA. They are a private equity investment company that constructs and renovates industrial properties. The company focuses its reach on Northeastern Pennsylvania, Central Pennsylvania and the Southern Tier of New York.