| Officials with mega-developer Panattoni tell us it just acquired a 129-acre land tract in Lebanon County. (They somehow resisted the urge to make it a massive paintball field.) Ground has already been broken on two cross-dock buildings that will total 1.5M SF, and that will anchor the site, which has been dubbed I-81/I-78 Logistics Park. |
| "Right now," says Panattoni's Reid Townsend, "we're getting pads ready for a 1M SF building and a 500k SF building. And then in the future there'll be another 350k SF building." (He's with Panattoni's Dan Hudson, Schlouch Inc's Barry Schlouch, and Vision Group Ventures' Jeff Camp.) "Because the lot was previously home to an assemblage of seven farms, a 1.5-mile road that will access the lots (due to be delivered in spring 2013) is also being installed. "We're talking to multiple prospects in the market" about leasing, says Reid, who adds that all three warehouses will be marketed as build-to-suits. |
| Considering the scarcity of recent industrial construction in the region, Panattoni's betting on all three buildings being snapped up by lessees sometime soon. (Lessees have been wandering the desert looking for an oasis of industrial.) And depending on interest, new retail development on the site is also a possibility. "We're bullish on both the near-term and long-term outlook of the bulk distribution market," says Reid. Panattoni has at least one other area project in the works, although Reid declined to share details. We'll let you know as soon as we hear more. |
3 BIG INDUSTRIAL PROJECTS
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Logistics Park
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