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News

Hilco Real Estate Announces the Auction of Two Bluestone Quarry Tracts in Pennsylvania

Mar 30, 2021

Quarry Tracts

Hilco Real Estate LLC announces a live auction on Wednesday, April 28 for the sale of two bluestone quarries in Susquehanna County, Pennsylvania. The two sizable tracts total 905± acres, which the Seller has agreed to sell to the highest bidder at or above the minimum bids of $500,000 per site.

Located in the heart of Pennsylvania’s productive bluestone region, the Lanesboro tract is approximately 500 acres and the New Milford tract is approximately 437 acres. These properties have significant bluestone reserves and include ready-to-mine quarries featuring easy access to the entire northeast. The stone meets PENNDOT and NJDOT cycle sodium soundness test standards and was previously approved under former ownership. The sale includes transferable quarry and mining permits and provides an opportunity to become one of the largest Pennsylvania bluestone operators in the region. The property sits just two miles from Route 171 and roughly six miles from Interstate 81 and is accessible to several arterial roadways, including Route 79 and Route 92, as well as rail centers in Philadelphia, New York and New Jersey, and numerous ports along the eastern shore. With proximity to major interstates and railroad lines, including potential direct access to the Norfolk Southern Line, transportation is quick and easy from the quarries to other areas of the country.

Historically known for building train parts, Susquehanna County is more currently known for its local quarries. These quarries produce sought-after Pennsylvania Bluestone, a unique layered sandstone found only in the northeastern tier of Pennsylvania. The quarried product has many uses due to its strength and durability, from cut dimensional stone used in patios, walkways and stair treads to architectural stone used in buildings. It is also used for wall stone, decorative boulders, natural steps and other landscape features. As the Susquehanna County website explains, a monument that demonstrates the strength and durability of Pennsylvania Bluestone is the Starrucca Viaduct, a National Civil Engineering Landmark in Lanesboro that was completed in 1848 and is still used today by the Norfolk-Southern Railroad. Production volumes have remained strong in recent years because of the growing demand for bluestone and because the areas in which bluestone reserves can be found are limited.

Jeff Azuse, senior vice president at Hilco Real Estate said, “This sale offers a unique opportunity for a savvy investor to take advantage of buying properties that have significant Pennsylvania bluestone reserves, during a time where many home improvement projects are on the rise.” He continued, “Pennsylvania Bluestone is a quality product with many uses that is sure to stay in demand.”

The live auction is scheduled for Wednesday, April 28, 2021 at 12:00 p.m. (EST). The minimum bid for each tract is set at $500,000. For further information on the property, an explanation of the sale process and Terms of Sale, and to obtain access to the Virtual Deal Room containing all the property due diligence, please visit HilcoRealEstate.com or reach out to Jonathan Cuticelli at (203) 561-8737 or jcuticelli@hilcoglobal.com.

For more information about this or other properties available for sale, please visit HilcoRealEstate.com.

 

About Hilco Real Estate

Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

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