Tuesday, June 15, 2021

Cabot Properties Buys Two-Building Logistics Complex in Elizabethtown PA

 By Rachel Whaley CoStar Research

Boston-based logistics real estate investor and developer Cabot Properties Inc. has purchased a fully leased, two-building logistics complex in Elizabethtown, Pennsylvania.

Cabot acquired the two buildings from a joint venture between Novaya Foxfield Industrial and Drake Real Estate Partners, which developed the complex in 2019. The buildings sold for roughly $21.9 million.

The two buildings are located within the 3 million-square-foot Conewago Industrial Park at 1405 and 1473 Zeager Road. Combined, the logistics buildings total 198,721 square feet and are 100% leased by Aqua Pool Supply Co. and Packaging Corporation of America.

The Elizabethtown location’s strong leasing fundamentals, labor force and proximity to major logistics infrastructure have attracted both institutional investors and a deep roster of regional and global tenancy.

"Clearly developers and investors are focused on the efficiencies of these labor-rich concentrations that tie directly into critical hubs like the FedEx Ground/Freight Hub in Middletown, Pennsylvania. The Novaya Foxfield Industrial team identified a uniquely infill opportunity and executed seamlessly in bringing the project to life."


Monday, June 14, 2021

New Jersey Cold-Storage Firm Expands Into Philadelphia

 By Linda Moss CoStar News

A growing New Jersey-based cold-storage company is expanding into Philadelphia and also plans to open another facility in the northern part of the Garden State.

FreezPak Logistics, a third-party food-logistics firm headquartered in Carteret, New Jersey, later this month is slated to debut a location at 1801 N. 5th St. in Philadelphia, its first foray into that market. The facility will be located in a property with more than 103,000 square feet that features all temperature zones — dry, cooler and frozen. The site will also have 15 loading docks, 26 trailer positions and parking for 80-plus cars.

With the rise in online grocery shopping, which got a big boost during the pandemic, the national and global demand for cold-storage warehouses has increased dramatically. FreezPak, a family-owned business that celebrates its 20th anniversary in August, has been expanding its network of distribution facilities, with four now in New Jersey and a fifth one under development.

Last November, Fidelco Realty Group and Elberon Development Group said they were constructing a 140,000-square-foot, build-to-suit facility for FreezPak at a vacant site at 1029 Newark Ave. on the border of Newark and Elizabeth, New Jersey.

In addition to Carteret, FreezPak's other Garden State facilities are in Clifton, Paterson and Wayne.

Company officials said there has been a call for them to debut distribution sites in new areas.

"Every day we are being pushed by our clients to open facilities in every major market," Dave Saoud, FreezPak's co-CEO, said in a statement.

FreezPak is designing an automated operation in Philadelphia, according to co-CEO Michael Saoud.

The company also said it will soon announce a sixth location in North Jersey to help "meet the continually growing demand for cold storage space."

The Philadelphia facility will offer cross-docking, transportation and repacking, all within 6 miles of the Packer Avenue Marine Terminal.


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Thursday, June 10, 2021

Commercial REITS are delivering year to date and are up 25% (Video)


J.G. Petrucci Breaks Ground On Cigars International Expansion Project

J.G. Petrucci Company Inc. has broke ground on an expansion project for Cigars International's headquarters in Bethlehem, Pennsylvania.

The development and design/build firm is adding 100,000 square feet to the global cigar distributor's 113,500-square-foot facility at 1911 Spillman Drive in Lehigh Valley Industrial Park VII, which J.G. Petrucci developed. The facility is located on land formerly occupied by Bethlehem Steel Corp.

The additional space will serve as additional warehouse and humidor space for Cigars International. The expansion's interior fit-out will also include advanced material handling equipment and smart warehouse features, according to J.G. Petrucci.

The expansion project will be constructed by J.G. Petrucci's in-house construction group, Iron Hill Construction Management. Construction on the expansion project is set to be completed later this year.