This is the first deal signed by the two companies. Parsippany, NJ-based B&G will take the space after consolidating two other facilities where it currently has operations.
Park 33's other major tenant is BMW, which occupies 870,000 square feet in a portion of the site that was completed in December. In all, ProLogis operates 23.3 million square feet in Pennsylvania, with tenants including Amazon.com, Home Depot and Sears Holding.
According to Cushman & Wakefield's fourth quarter report on the Lehigh Valley industrial market, the area has a 16% vacancy rate, and the average rental rate is $4.40 per square foot. As a whole, the Philadelphia Metro area's vacancy rate is 7.6%, and rental rates average $5.35.
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