By Mannie Rivera CoStar Research
Panattoni Development Co. has purchased a development site in Valley View, Pennsylvania, that's set to host a 2.39 million-square-foot logistics park.
Tremont FT LLC, an affiliate of brownfields redeveloper Viridian Partners, sold the site for the proposed Rausch Creek Logistics Center to the Irvine, California-based developer for $25.75 million.
Building 1, totaling 1.35 million square feet, is set to be completed by the third quarter of 2022. Building 2, totaling 1.04 million square feet, is set to be pad ready for construction in early 2022. Both Rausch Creek Logistics Center buildings are being developed on a speculative basis. The development is located at 978 Gap St., sitting immediate off Exit 107 of Interstate 81 and 18 miles from Interstate 78.
"Located in the heart of Pennsylvania’s I-78/I-81 Industrial Corridor, Rausch Creek Logistics Center will offer tenants superb access to major industrial markets in the Northeast," Hess said in a statement. “Panattoni Development specializes in build-to-suit and speculative industrial development. With limited inventory in Central Pennsylvania and the Lehigh Valley, and with a 75% LERTA tax abatement available, this state-of-the-art industrial park will attract an array of prominent industrial users.”
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