With
a new interchange comes fresh opportunities for industrial market growth in
neighboring communities.
One
case in point is the start of construction on a 475,000-square-foot speculative
development in Forks Township, a project officials say was largely viable
because of the opening of the Charles Chrin Route 33 interchange in nearby
Palmer Township in June.
The
road project opened a new connection to Route 33 and Interstate 78 and has
started yielding growth for new industrial properties in surrounding
communities that offer easier access to these routes.
The
project, LogistiCenter at 33, will be at 4200 E. Braden Blvd. in the Forks
Business Center, not far from corporate neighbors in Forks Township that
include Victaulic, Follett Corp. and Crayola.
Dermody
Properties, an industrial development and operating company in Reno, Nev., and
PCCP LLC, a real estate finance and investment management firm with offices in
New York and California, are partnering to develop the site. Both companies
hosted a groundbreaking event Thursday.
“The
interchange makes it easier to get here,” said James Mascaro, senior vice president
of development for Dermody Properties. “I know that the work ethic here is
good.”
Gene
Preston, partner for the east region of Dermody Properties, said the
Pennsylvania market is a strong attraction for this type of development.
“We
just think it’s an economy that’s well-balanced; we think it’s going to do well
in the long haul,” Preston said. “We have no doubt we’ll be attracting a
world-class tenant or two.”
The
building, which would be about 10 acres under roof, could have one or two
tenants. It is designed to have 36-foot clear ceiling heights, which Preston
said is the standard for modern industrial properties, making it suitable for
traditional warehouse use but also e-commerce. Other features include 226 car
parking spaces, 85 trailer parking spaces and 64 loading docks.
Officials
from PCCP also see the potential to develop a Class-A industrial property that
will attract strong interest.
“I
can confidently say this is an exceptional place to develop real estate,” said
Melanie Gangel, vice president of PCCP. “We don’t expect it to be long before
some lucky business call this its new home.”
With
this project, PCCP has 2.1 million square feet of industrial projects in
eastern Pennsylvania.
Construction
will begin in three weeks and should be finished by the end of the second
quarter of 2016, Mascaro said.
Preston
declined to provide an estimated construction cost.
Dermody
Properties is the industrial developer and operating partner, and PCCP is the
financial partner on the project.
Dermody
Properties hired R.S. Mowery & Sons of Palo Alto, Schuylkill County, as
construction manager. The architectural firm is Randall-Paulson Architects Inc.
of Roswell, Ga.
Jones
Lang LaSalle, which has an office in the Lehigh Valley, is the leasing team for
the property. HFF (Holliday Fenoglio Fowler LP), based in Florham Park, N.J.,
served as the broker that represented J.G. Petrucci and Co. in the sale of the
property to Dermody and PCCP, Preston said.
Dermody
Properties also owns an industrial site available for lease in the 323-acre
Berks Park 78 industrial park, off Interstate 78 in Bethel Township. The
750,000-square-foot building is built for distribution or e-commerce operations
and is next to the Dollar General and PetSmart warehouse/distribution centers.
In
Pennsylvania, Dermody Properties also has two industrial properties in Carlisle
and one under construction in Union Township near the Interstate 78/Interstate
81 intersection, Preston said
Source:
LVB
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