Tuesday, March 15, 2016

TCC And Clarion Partners Acquire, Plan Spec Build On 90-Acre Lehigh Valley Industrial Site

by Steve Lubetkin, Globest.com
Joint venture partners Trammell Crow Company and Clarion Partners have acquired a 90-acre site at 4815 Hanoverville Road in Lower Nazareth, PA, for the development of Lehigh Valley Trade Center. Construction will commence later this month on two class A speculative warehouse/distribution buildings totaling more than 1.2 million square feet. Clarion Partners has acquired the property on behalf of a commingled fund that it manages.

“This project benefits greatly from its strategic location on the east side of the Lehigh Valley industrial market, with close proximity to a deep, high quality labor force as well as immediate access to what is perhaps the most important transportation infrastructure on the east coast,” says Andrew Mele, managing director with Trammell Crow Company’s NE Metro Business Unit. “TCC has a long history of delivering institutional quality, class A industrial real estate in the Valley and we look forward to starting this new project.”

Building A will total 947,000 square feet with cross-dock loading, 36-foot clear height, capacity for more than 240 loading dock doors and car and trailer parking ratios that are well above current market standards. Building B will total 297,000 square feet with rear loading and 32-foot clear height.

“This is our third speculative industrial project with TCC in this area,” says Joe Zingaro, vice president with Clarion Partners. “This market has all the fundamentals to support a project of this size and quality; demand for class A industrial space in the Lehigh Valley remains very strong across a variety of size ranges. The flexible, two-building design will allow us to see a diverse mix of tenant requirements.”

The project’s location along Route 22 provides immediate access to I-78 and I-476. The existing highway infrastructure allows users to easily reach New York, Philadelphia and the rest of the Northeast.

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