(Read more on the industrial market.)
PITTSTOWN TWP., PA-Kimberly-Clark Global Sales Inc. has signed a lease for 744,080 sf in CenterPoint Commerce & Trade Park East. This takes up more than half of the 1.1-million-sf spec industrial development Wilkes-Barre-based Mericle Commercial Real Estate Services began readying for construction this May, as GlobeSt.com previously reported.
Lee Fein and Michael Zerbe, SVPs in the Philadelphia office of Colliers Lanard & Axilbund, represented Kimberly-Clark in the negotiations, and Mericle spoke for itself. The terms and aggregate value of the deal are undisclosed. This September, Jim Cummings, Mericle's VP of marketing, told GlobeSt.com that the market rate for new class A spec industrial space in this area ranges from $4 per sf to $5 per sf.
The Kimberly-Clark facility is located at 325 CenterPoint Blvd. Fein says it encompasses two Mericle spec buildings, which the developer is combining for the new tenant. Dallas-based Kimberly-Clark is a global supplier of healthcare and hygiene products that employs more than 55,000 worldwide and reported sales of $16.7 billion in 2006.
CenterPoint Commerce & Trade Park East is a 377-acre industrial center at which Lowe's Cos. Inc, is currently building a 1.4-million-sf distribution center. Other tenants in the park include FedEx Ground in an 88,000-sf build-to-suit, and a 300,000-sf distribution building that began as a spec facility and is now fully leased to Men's Wearhouse.
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.
