(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
YORK, PA-Cushman & Wakefield has won an exclusive assignment to market a 708,000-square-foot speculative industrial facility that will be built off I-83 in southeastern Pennsylvania. The developer of the $34 million project, First Industrial Realty Trust, says the York facility will be available for summer 2013 occupancy.
CW of Pennsylvania’s team working on the deal includes Patrick McBride, Gerry Blinebury, Jr., Adam Campbell and Leah Balerno.
First Logistics Center @ I-83 will be located at Exit 24 of I-83, a site that has direct highway access to Interstates 81, 76, 78, 70 and 95 and is within minutes of FedEx and UPS hubs. The cross-docked distribution building will feature 32-foot ceiling heights, parking for 233 automobiles and 194 trailers, and signage opportunities with high visibility from I-83. The site, which was acquired recently by First Industrial, is within one-day access of more than 44 million households.
"Given current demand by large distribution users in this submarket,” McBride said, “First Industrial opted to invest in constructing this state-of-the-art facility in York right now."
McBride said the decision was made on the basis of recent “stellar” activity along the I-81 and I-78 distribution corridor, its resilience throughout the recent recession, and favorable prospects for growth.
"Pennsylvania's I-81 and I-78 Distribution Corridor has clearly emerged as a national leader in new industrial construction," said Blinebury. "The market currently has 12 big-box projects, a mix of spec’ and build-to-suit, under way or ready to launch, with nine of those projects topping 700,000 square feet."
Meanwhile, the vacancy of 9.5 percent is down 2.2 percentage points from a year ago, and vacancies for big-box space are lower than that.
“This impressive tenant activity in this market in the first half of 2012 has provided a major impetus for build-to-suit construction as well," said Blinebury. "Overall, a number of projects are now moving ahead with lightning speed, in response to strong prospect activity."
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