Partners Acquire Hagerstown-Area Site for New Warehouse

Wednesday, March 3rd 2021

Creekside Logistics Center

NEW YORK — A new warehouse development could go up in the Huyetts Crossroads area west of Hagerstown.

A joint venture of PCCP LLC and Panattoni Development Co. Inc. announced Tuesday that it has acquired a 90-acre site for the speculative development of Creekside Logistics Center.

The property is at 16422 National Pike.

The 730,880-square-foot, Class A industrial warehouse building would feature 40-foot clear heights.

The project is scheduled to be finished in December, according to the news release.

“This project presents a prime opportunity to purchase a shovel-ready site in an area experiencing significant demand and minimal competing supply,” Ryan Dodge, senior vice president with PCCP, said in the release. “We are pleased to kick off our 12th joint-venture with Panattoni and expand the relationship with the newly formed Northeast development team.”

Johan Henriksen, partner with Panattoni, said it is an “opportunity to take advantage of the current supply/demand imbalance created by e-commerce growth.”

According to the release, Creekside Logistics Center will benefit from the nearby access to Interstate 81 and I-70, multimodal infrastructure, low operating costs, a super-regional highway network, regional parcel and freight hubs, a high concentration of carriers and “an abundant labor force.”

The site can provide tenants with tax incentives offered by the state.

The release noted that the site is an overnight truck ride from 50% of the nation’s population and that the area has “established itself as a preferred destination for big box users including activity from Amazon, Walmart, FedEx, Staples and Lowe’s.”

PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $12.7 billion in assets under management on behalf of institutional investors and has offices in New York, San Francisco, Atlanta and Los Angeles.

Panattoni is a privately held, full-service development company. It is headquartered in Irvine, Calif., and operates from 28 offices in the United States, Canada and Europe.