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
Mechanicsburg, 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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