Tuesday, January 24, 2012

Trammell Crow, USAA Break Ground On PA Spec Project

This is a great sign of the turn around and being under built.

"Trammell Crow Co. and USAA Real Estate Co. have started work on a 700,000-square-foot speculative distribution facility at Mountain Creek Distribution Center in Carlisle, PA.

The two-building industrial project on 113 acres at Exit 44 off Interstate 81 in the Central Pennsylvania industrial market is approved for 1.3 million square feet of warehouse space designed to achieve LEED Core & Shell (CS) certification.

The first building, scheduled for completion next summer, is designed with cross dock loading, 32-foot-clear ceiling heights and onsite trailer storage.

"The I-81 Distribution Corridor continues to be one of the most active markets in the country, with little to no availability for Class A space greater than 500,000 square feet," says Pat Duncan, chairman and CEO of USAA Real Estate.

"The market's comparatively strong performance throughout the economic downturn has further solidified its position as a top tier market," said Andrew Mele, senior vice president, Trammell Crow, which will manage the day-to-day development responsibilities.

USAA manages a multi-billion dollar portfolio including recent acquisitions of $3 billion and development assets of $2 billion. Trammell Crow has developed or acquired over 525 million square feet of buildings with a value exceeding $55 billion. As of June 30, 2011, Trammell Crow had over $3.5 billion of projects in process, $1.4 billion in its pipeline and $1.4 billion in long-term operating assets."

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