Total cost of the facility is projected at $23 million, or about $37.89 per sf, Guers tells GlobeSt.com. The first building on the parcel, an 822,000-sf warehouse, is now fully leased, he reports, and the major tenant is Procter & Gamble. Opus East acquired the parcel three years ago.
Opus East plans to purchase land and develop more than 4 million sf of retail, warehouse and office space in Pennsylvania and New Jersey over the next several months. Development at a half-dozen sites, owned by the developer in the region, is already well underway.
Guers characterizes the Philadelphia region as "more of a money market fund than an equity stock, which makes it very attractive now."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
