Groundbreaking Held for Forks Township Industrial Facility
By Colin McEvoy on October 29, 2015
“We’re a national company and we have about a dozen key markets that we focus on as best-in-class, and clearly Pennsylvania, and particularly the Lehigh Valley, is one of those markets,” said Gene Preston, partner of Dermody Properties’ East Region Office. “Pennsylvania is important to us because it’s one of the key logistics markets in the whole country.”
The two companies held a groundbreaking ceremony today for LogistiCenter at 33, a 475,800 square-foot industrial facility being built at 4200 E. Braden Blvd. in Forks Township, within minutes of Interstate 78 and Route 33.
Construction is expected to be complete in mid-2016 and ready for occupancy by the summer. The goal is to pre-lease the property prior to completion of construction, and Preston said he expects to easily attract “a world-class company or two.”
Melanie Gangel, senior vice president at PCCP, lauded the Lehigh Valley region’s exceptional highway infrastructure, access to global markets, strong workforce, support of local municipalities, and good brokerage community.
“Based on my experience working on projects in many different parts of the country, I can confidently say that this is really a special place to develop industrial real estate,” she said.
The facility is just a few minutes west of the new Route 33 interchange, which opened to traffic in July. Preston said it was a major factor in the decision to choose this location.
Upon completion, LogistiCenter at 33 will feature 36 feet of clear height, 226 car parking spaces, and 85 trailer parking spaces, Preston said.
Dermody Properties is the industrial developer and operating partner, while PCCP, a real estate finance and investment management firm, is the financial partner. This marks Dermody Properties’ fourth development in the Lehigh Valley, according to the company, and PCCP now has more than 2.1 million square-feet of industrial real estate in the market with Dermody.
“PCCP sees this as a compelling opportunity to develop a Class A industrial facility with Dermody Properties, a best-in-class developer,” said John Randall, PCCP managing director. “Additionally, the local industrial market incorporates all of the key fundamentals that promise to attract large user interest.”
Preston noted the Lehigh Valley is an excellent market for e-commerce. According to the Lehigh Valley Economic Development Corporation (LVEDC), e-commerce has accounted for about 5,000 jobs new jobs in the last four years, with major investments from Walmart and zulily.
Among those in attendance at today’s ceremony was Pennsylvania Rep. Joe Emrick, who thanked Dermody Properties and PCCP for investing in the community.
“The Lehigh Valley generates 40 percent of all economic inquiries in the state of Pennsylvania,” he said. “So clearly Dermody Properties and everybody here today has done their homework in understanding the real benefits of this location. You won’t be disappointed.”
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