The spec building is the first of several planned for the industrial park, which straddles Sadsbury and Valley Townships in Chester County, Mitch Reading of CB Richard Ellis tells GlobeSt.com. Aside from West Conshohocken, PA-based Keystone Foods' facility, "The rest of the park will be developed to attract high-end flex warehouse space users," says Reading, a member of the CBRE Greater Philadelphia industrial brokerage team marketing the 67.6 acres of commercial zoned area at Valley View. Along with Reading, the team includes first VP Len Redeyoff and VP Paul Touhey.
[IMGCAP(2)]According to a news release, the flex space is set to deliver tenants 20-foot clear ceiling heights, drive in/tailgate door options and construction divisible from 6,000 sf to 32,500 sf. Once that building is leased up, plans call for additional flex space to be developed; Reading says at present "nobody has stepped up" for space.
Development at the site kicked in May, when Keystone signed an agreement to purchase 20 acres of Valley View. Terms of the deal were not available. An additional 12 acres of land, approved for a structure of up to 100,000 sf, is available for sale within the industrial park, according to the release.
Reading says a major draw for ACP in selecting the site for the industrial park is its proximity to transportation. The park is convenient to Business Route 30 and is "just half a mile from Chester County Airport," he says. He adds a major selling point for attracting prospective tenants is the park's location within a Keystone Enterprise Zone, thus according tax incentives to businesses that create new jobs within the zone. The creation of the zone resulted from a collaboration between Sadsbury and Valley Townships
In a statement, ACP principal Larry Hendrickson says the start of construction at Valley View is "the culmination of over four years of working through very complex issues. Seeing two separate pad sites being graded, one for Keystone Food's 160,000-sf warehouse and our 32,500 sf flex building, makes it all worth the effort. We are very proud of the number of new jobs that this development will bring to the area." Hendrickson was unavailable for additional comment by deadline.
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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.
