Tuesday, May 27, 2014

KTR Will Develop 172-Acre Parcel in Hanover; Amazon?

By Antoinette Martin, staff writer for GlobeSt.com
KTR Capital Partners, which has been effectively acting as Amazon’s development partner at sites around the country, has acquired a 172-acre parcel of industrial land in this community.
The company did not announce any arrangement with Amazon, but says it will begin site work and infrastructure improvements this year that allow a building to be delivered as early as the first quarter of next year.
 The parcel can support total development of over 2.3 million square feet of industrial buildings in various configurations, including a single building with up to 1.9 million square feet, KTR says in an announcement of the deal. The site is located about a mile from I-81, the main North/South corridor connecting northeastern Pennsylvania with various distribution arteries.
“Over 40% of the nation’s population lives within a 600 mile radius of this location. making it a prime destination for regional distribution facilities,” KTR says in an announcement posted on its web site. The site is a designated Keystone Opportunity Zone, meaning developers and tenants are eligible for various special incentives.
“This land site is well-positioned to capitalize on build-to-suit opportunities for ‘super regional’ requirements which have become increasingly popular throughout the country and in Northeastern Pennsylvania,”says PJ Charlton, KTR’s senior vice-president for investments.
Charlton says the site can easily be developed to provide additional car and trailer parking, truck staging areas for larger users and enhanced security.
KTR’s development and construction teams currently have 5 million square feet of projects underway, consisting of both speculative and build-to-suit development, according to the company.

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