Wednesday, August 30, 2017

Lehigh Valley Can’t Get Enough Of Spec Warehouses

by Steve Lubetkin,
It seems the Lehigh Valley still can’t get enough spec warehouses built before someone leases them up.

Duke Realty Corporation, a REIT specializing in the ownership, management and development of bulk industrial facilities, has leased its recently delivered 628,475-square-foot bulk warehouse and started construction of another million square-foot spec industrial building in 33 Logistics Park, an industrial development located in Easton, PA, on the east side of the Lehigh Valley just off Route 33 at the new four-way diamond interchange at Main Street.

A third-party logistics company that Duke did not identify will occupy 33 Logistics Park 1611, which Duke delivered in early July. 33 Logistics Park 1620, the new building Duke Realty is constructing, will be its third in 33 Logistics Park and adjacent to 1611 and a 1.1 million-square-foot, fully leased bulk warehouse the company delivered in 2016.

“We are pleased to welcome our new tenant to 33 Logistics Park 1611 and excited to start another building in this dynamic distribution park,” said Jeff Palmquist, senior vice president of Duke Realty’s Northeast Region. “With the quick lease-up of both of our bulk warehouses in 33 Logistics Park and ongoing demand for distribution space in the Lehigh Valley, we wanted to be sure that we are well-positioned to offer move-in ready, first-class space to companies with immediate space needs.”

“Our tenant’s customer had outgrown their existing space in the Lehigh Valley, but wanted to remain in the market to effectively service their clients throughout the Northeast. 33 Logistics Center 1611 was an ideal building for them because it gave them the additional space they need, plus keeps them in a location that is strategic to their operations.”

Construction on 33 Logistics Park 1620 has begun, with delivery scheduled for April 2018. In addition to 36-foot-clear height, the cross-dock building will feature LED lights, 120 fully equipped dock doors, four drive-in doors and parking for 245 trailers and 472 automobiles.

“The Lehigh Valley continues to be one of the nation’s most in-demand distribution hubs because of its unrivaled access to the highly populated New York City metropolitan area,” says Palmquist. “The location of 33 Logistics Park 1620 will provide companies ready access to I-78, I-81 and I-80 and is within a day’s drive of more than 40 percent of the population of the United States and Canada.”

33 Logistics Park 1620 will be Duke Realty’s third building in 33 Logistics Park and its fifth in Lehigh Valley. Duke Realty also owns two buildings in West Hills Business Center on the west side of the valley—a 980,000-square-foot bulk warehouse and a 233,000-square-foot bulk warehouse. The company also owns a 73-acre site along I-78 in Bethel Township in Berks County, 10 miles east of the I-78/I-81 split, for development of an up to 832,000-square-foot building.

On a nationwide basis, Duke Realty owns and operates approximately 138 million rentable square feet of industrial assets in 21 key U.S. logistics markets.

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