CBRE's Greater Philadelphia/Harrisburg industrial brokerage team, including Harrisburg-based SVPs Patrick Lafferty and Michael Hess and senior associate Bart Anderson, will market the logistics park to a variety of prospective tenants. "We are not targeting any specific industry, but the cross-dock design makes this a valuable option for any retail or big box tenant," Hess tells GlobeSt.com.
The cross-dock format will figure in all three of the bulk distribution facilities planned for Key Logistics Park, including the 1.1-million-sf Building One that Lauth expects to complete by May 2009. "Although Building One offers the flexibility to accommodate up to three tenants, it is ideally suited for a single user of the entire 1.1-million sf," Hess says. Lauth plans more than 120 dock doors, 32-foot clear height, and space to park more than 270 trailers for Building One, as GlobeSt.com previously reported.
Hess notes that the upcoming park will offer "high visibility off Interstate 81, proximity to major consumer centers within a day's drive, UPS and FedEx hubs, less than truck load carriers and Norfolk Southern and CSX intermodal rail yards." He adds that the site will provide "extensive trailer parking and full 360-degree movement around the buildings" and is one mile from I-81's Exit 37, "which is only seven miles south of the overly congested and heavily populated industrial Exit 44."
As reported by GlobeSt.com last month, the 909,000-sf Building Two and 954,000-sf Building Three will be constructed on a build-to-suit basis or as market conditions warrant. "The second and third buildings are available for pre-lease and can be customized to meet an occupier's needs," says Hess. "These sites are also available for built-to-suit and land sale, which offers a great deal of flexibility and options to users."
Lauth purchased the Key Logistics Park project in May 2008 from Kennett Square, PA-based Key Development Group, which had revealed plans for the project in Oct. 2006. In May, a Lauth spokesman told GlobeSt.com, "given the area's strategic location and proximity to 40-million people in a half day's drive, we believe this region will continue to serve as a prime East Coast distribution hub."
Although Key Logistics Park represents Lauth's first project in the increasingly popular I-81 corridor, a company spokesman told GlobeSt.com in May that Lauth has developed other projects in the Keystone State, "including one of the largest green distribution centers in the country. The 525,000-sf REI East Coast Distribution Center in Bedford, PA opened last year and is LEED Silver certified. In addition, we have other office and healthcare projects in development in other parts of the state." The company spokesman added that Lauth had been eyeing the corridor "for a couple of years" before purchasing the Key Logistics project.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
