Panattoni to Develop 1.5 Million Square Feet of Distribution Space in Pennsylvania
Monday, April 23rd 2012
Panattoni Development Company has acquired a 129 acre tract within the I-81/I-78 Logistics Park, Union Township, Lebanon County, Pennsylvania. The three (3) building, 1.85 million square foot park was master planned by Plymouth Meeting-based Vision Group Ventures. The Park is located at the junction of the two primary distribution corridors servicing the Northeastern United States, and Panattoni’s plans call for the development of two distribution/warehouse facilities totaling 1,500,000 square feet.
John Wilhide, Bart Anderson and Pat Lafferty of CB Richard Ellis represented the seller in the transaction.
Panattoni and Vision Group Ventures commenced with improvements upon closing. These include the construction of a 1.5 mile road to serve the Park, extending public utilities to individual lots and grading pad-ready sites for 1,000,000 and 500,000 square foot cross-dock buildings. Infrastructure improvements are scheduled for completion in September of 2012 with delivery of new buildings as early as Spring 2013.
“I-81/I-78 Logistics Park will present tenants an opportunity to lease new Class A facilities at one of the most sought-after distribution locations on the East Coast,” stated D. Reid Townsend, Panattoni Partner. “The project offers a rare combination of location, access and visibility all in the heart of the Pennsylvania distribution market.”
In addition to the planned 1.85 million square feet slated for industrial distribution, there will also be opportunities to extend the retail facilities. Presently, retail amenities include a Loves Truck Stop, convenience stores and quick service restaurants.