By Paul Schwedelson – Reporter, Philadelphia Business Journal
A Boston developer took a major step with its planned 814,567-square-foot industrial complex in Bucks County by securing a $114 million construction loan from Mesa West Capital.
Foxfield's Lower Bucks Logistics Hub is planned to have two distribution buildings, one on each side of Route 213 in Middletown Township along I-295 and near Route 1. The addresses of the two buildings will be 1600 E. Old Lincoln Highway and 1620 E. Old Lincoln Highway in Langhorne.
The two buildings will be constructed on 79.5 acres of land Foxfield purchased for $50 million in 2022 from BET Investments, a real estate company owned by Bruce E. Toll. The property was underutilized land of the Reedman Toll Auto World.
The northern building is planned to have 361,457 square feet with rear loading. The southern building calls for 453,110 square feet with cross-dock loading, meaning it can load trailers from two different sides of the building. The complex is planned to have six total drive-in doors, 40-foot clear heights and more than 800 car and trailer parking spaces.
Foxfield expects the buildings to be completed by the fourth quarter of 2024, according to marketing material for the project. They’re being built speculatively without tenants lined up.
The site is about 35 minutes from Center City Philadelphia and 90 minutes to Manhattan.
Securing the financing comes as the Philadelphia-area industrial market is normalizing after vacancy rates hit record lows and rents climbed during the pandemic. For example, the vacancy rate for industrial buildings in the Philadelphia region increased to 5.5% in the second quarter, according to CoStar, up from a five-year average of 4.9%. Though decelerating from a peak around 15% in mid-2022, rents are still growing at 11%, which is significantly higher than retail, multifamily and office property types.
Foxfield's industrial holdings in the region include 466,180-square-foot industrial complex at 1001 Industrial Highway in Eddystone.
Full story: https://tinyurl.com/4dsbsfbm
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.