Tuesday, October 28, 2014

Clarion and MRP To Develop 1.5 Million Square Foot Gateway Logistics Park

by Steve Lubetkin GlobeSt.com

Real estate investment manager Clarion Partners and MRP Industrial, the industrial real estate affiliate of MRP Realty, have acquired the former I-81/I-78 Logistics Park, a planned 129-acre, two-building, 1,502,000 square foot class A industrial center in Union Township, Lebanon County, PA. The development, which will now be named Gateway Logistics Park, includes pad-in-place development parcels for both a 1,002,000 square foot and 500,000 square foot distribution center.

"Clarion is very excited to be partnered with MRP Industrial on the acquisition and development of this project in Central Pennsylvania. With the market’s supply constraints we feel we are well positioned to capture build-to-suit opportunities or build spec inventory,” says Andy Sitzer, senior vice president with Clarion Partners. “This will be the third project the two companies have joined forces; the others are Fulling Mill Road in Harrisburg and Burlington Industrial Park in Burlington, NJ.”

“This acquisition addresses the surging demand for modern, bulk distribution centers with the ability to service the entire Northeast region from a single facility,” says D. Reid Townsend, principal with Baltimore-based MRP Industrial. “Over the past 12 months, the Central Pennsylvania market has experienced nearly eight million square feet of new absorption, with a steady pipeline of new tenants entering the market. The park’s visibility, access and amenities will be an attractive option for a wide range of future distribution requirements.”

Gateway Logistics Park is located at the intersection of Interstate 81 and Interstate 78. The development will provide prominent interstate visibility and convenient access to the region’s major metropolitan areas of New York, Philadelphia, Baltimore and Washington DC, all located within 150 miles. The property is also located within 30 miles of FedEx Ground, FedEx Freight and UPS distribution hubs, responding to the growing trend of direct-to-consumer fulfillment requirements for the retail market. MRP Industrial, in partnership with Clarion Partners, has completed building design and is evaluating both build-to-suit and speculative development opportunities.

In early 2014, the property was approved into the Commonwealth’s Local Economic Revitalization Tax Assistance (LERTA) program, providing future tenants with partial real estate tax relief during the initial ten years of occupancy. When fully developed, Gateway Logistics Park is projected to support over 1,000 new, full time jobs in Lebanon County and provide an immediate boost to support the Union Township, Lebanon County and Northern Lebanon School District operating budgets.

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