Panattoni Planning 2 Million Square Foot Distribution Park in PA’s I-81 Corridor
Tuesday, July 5th 2011
Cumberland County, PA–Panattoni Development Company has acquired the first of two parcels in Key Logistics Park located in Cumberland County, Pennsylvania, which it will use to develop up to 2 million square feet of distribution/warehouse space.
The Baltimore office of Panattoni has completed the purchase of a 58 acre tract in Key Logistics Park. The property is located at Exit 37 off Interstate 81 in the heart of the core distribution market of Central Pennsylvania. As part of the transaction, Panattoni is under contract to acquire the neighboring 58 acres for a total of 116 acres to develop the multi-phased project.
“Key Logistics Park presented Panattoni a unique opportunity to acquire two, fully entitled parcels which enable us to service our clients seeking build-to-suits projects in the range of 700,000 up to 1.6 Million square feet,” stated Panattoni Partner, D. Reid Townsend. “In addition, the location in an existing industrial park, combined with the pro-business culture of Penn Township, offers us tremendous flexibility to deliver new product as early as summer 2012.”
The first parcel has been approved for the development of a 954,000 square foot, Class-A, cross docked, distribution/warehouse facility. When the second tract is acquired, another 909,000 square feet can be built for similar use.
Patrick Lafferty, Bart Anderson and Michael Hess of CB Richard Ellis represented the seller, Key Development Group, in the transaction. Panattoni was self represented.
Panattoni Development Company is a privately held, full service development company founded in 1986. The firm has completed in excess of 150 million square feet of commercial projects worldwide. Panattoni has developed industrial, office and retail facilities in more than 240 markets. The firm is headquartered in Sacramento, California, and maintains offices throughout the United States, Canada and Europe