BETHLEHEM, PA-Griffin Land is marketing a 302,800-square-foot rail-served warehouse already under way at the Lehigh Valley Tradeport here as a build-to-suit project. The first building by Griffin Land at the Tradeport was also begun speculatively, and then pre-leased to Kuehne+Nagel Group before completion.
The first warehouse, 228,000 square feet, at 4275 Fritch Drive was started “on spec” in 2012, leased last spring and K+N took occupancy in July.
“We elected to move forward with speculative construction to capitalize on our belief that demand would continue to improve in the Lehigh Valley at the same time that there was little comparable supply available”, said Michael Gamzon of the landlord's parent company, Griffin Land & Nurseries, Inc.
K+N entered the Lehigh Valley market to handle a logistics requirement for a Fortune 100 global healthcare company, Gamzon said. CBRE in Lehigh Valley represented the landlord on that deal and its Global Supply Chain Team based in New Jersey acted as the leasing representative for K+N.
The second building at 4270 Fritch Dr. is to be delivered during the first quarter of 2014. The building pad is already complete. The warehouse/distribution facility will have 51' x 54' column spacing with a 60' speed bay, 32' clear-height ceilings and the capacity for 54 dock doors and 58 separate trailer parking spaces. The building can be constructed with rail access, as Griffin Land recently secured approval from Norfolk Southern for a spur to the building.
“Like the first building, 4270 Fritch is being built on spec and delivered into the market at a time where there are few leasing options available to 300,000-square-foot users”, said Tim Lescalleet of Griffin Land. “We are pleased by the preliminary interest, and we would not be surprised if this building were to be pre-leased before its completion.”
CBRE's Lehigh Valley Office will continue as the exclusive leasing agent for the project.
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