Keystone will retain ownership of the building. KIA will lease 211,535 sf of the property and relocate a parts distribution and training center it currently operates in a 169,000-sf facility at Keystone's 7542 Morris Court in Westpark.
Construction of the new facility will begin in March 2004 and is expected to cost approximately $10 million. KIA's occupancy is scheduled for fourth-quarter 2004.
"This transaction represents our ability to satisfy the growth needs of an existing tenant by utilizing our substantial land bank in the Lehigh Valley," says A. Donald Chase, Keystone's SVP of investments. Calling Keystone a "premier build-to-suit developer in the East Coast region," Chase alludes to a 772,000-sf center for Home Depot in Central New Jersey and a 523,295-sf facility for Romark Logistics in Hazleton, PA, both build-to-suits completed by his firm this year.
Keystone acquired the 11-building, 1.4-million-sf Westpark center for $55 million in December 2001. The portfolio at the time included 18 acres approved for development of an additional 300,000 sf.
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