By Rachel Whaley CoStar Research
Dalfen Industrial is planning to develop a three-building industrial project in Berks County, Pennsylvania.
The industrial development is set to total 1.18 million square feet and will be located off Interstate 78. The project is set to be completed by the first quarter of 2023.
Dalfen acquired 153 acres for the project from Vesper Property Group for $24.6 million, according to CoStar data.
"The Lehigh Valley submarket is a critical location for supply chains in the Northeastern United States, yet development opportunities are scarce," John Lettieri, market officer for Dalfen, said in a statement. "Developing three fulfilment centers in this highly demanded location will result in extensive tenant demand for prime real estate with all of the modern characteristics needed for e-commerce clients."
Dalfen's President and Chief Investment Officer Sean Dalfen said the firm is focused on expanding its portfolio in strategic markets in the Northeast.
"Lehigh Valley has one of the strongest industrial markets in the country with a combination of multi-directional interstate connectivity, a more affordable labor base than competing Central New Jersey locations, and strategic logistics connectivity to major United States metropolitan areas," Dalfen said.
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