(Read more on the industrial market.)
COOLBAUGH TWP., PA-Higgins Development Partners and its equity partner, JP Morgan, have acquired slightly more than 85.5 acres in Arcadia North Business Park from Bethlehem-based Arcadia Properties LLC. Arcadia remains a partner in plans to develop a build-to-suit warehouse/distribution center of up to 1.4 million sf.
Gene Preston, SVP and Eastern regional manager for Chicago-based Higgins, declines to disclose the full financial arrangement, but tells GlobeSt.com, “JP Morgan and Higgins are the majority owners.” He says the price of the parcel was $14 million, which translates to $163,666 an acre.
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