Thursday, October 8, 2020

Flexible Packaging Maker Inks Long-Term Lease in Bucks County Industrial Park

By Tyrone Leake CoStar Research

Flexible packaging maker Fres-co System USA Inc. has signed a long-term lease within the Pennridge Airport Business Park in Bucks County, Pennsylvania, expanding its footprint in the greater Philadelphia area amid a surge of growth.

Fres-co will be occupying the park's first building, a 101,920-square-foot facility developed in 2019 that's located at 500 N. Ridge Road in Perkasie. The flexible packaging manufacturer is headquartered in nearby Telford.

"Our company is growing and this large industrial distribution space will allow us to continue providing exceptional service to our customers," Fres-Co Chief Financial Officer Mark Stinson said in a statement.

A key driver for growth in Philadelphia's industrial market is demand from existing occupiers looking to expand into new, Class A space to accommodate growth within the market.

"The long-term lease with Fres-Co System USA continues to illustrate this pent-up demand and why projects like the Pennridge Airport Business Park have a tremendous runway for success."

The $60 million Pennridge Airport Business Park, located on Perkasie's northern border along Ridge Road and adjacent to the Pennridge Airport, is set to comprise 600,000 square feet of industrial space across six buildings spanning 88 acres at full build-out.

Construction on the second 100,000-square-foot building at the park is set to "begin immediately" as demand remains high for industrial space in the greater Philadelphia area, Rob Brink, president of Pennridge Development Enterprises Inc., said in a statement.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.