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First Industrial Bets 700,000 SF on Spec

EASTON, PA-The Chicago developer pays $13 million for 59 acres along the Route 33 corridor across from an industrial/distribution park under way by ProLogis.

By Marita Thomas | Updated on March 30, 2007

(To read more on the industrial market, click here.)

EASTON, PA-First Industrial Development has acquired 59 acres on Routes 248 and 33 at 3857 Easton Nazareth Highway. The parcel is across from an approximately two-million-sf industrial/distribution park that is being developed by Denver-based ProLogis and is further indication of continuing strong demand for warehouse/distribution facilities throughout the Lehigh Valley.

Richard Astheimer, SVP of development for Chicago-based First Industrial Realty Trust in the company’s Exton office, tells GlobeSt.com, “We plan to develop up to 700,000 sf of distribution space.” There are also two pads, aggregating approximately 10 acres, which Astheimer says, “We plan to sell to a retail user or retail developer.”

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