Tuesday, August 29, 2023

Portman Holdings plans $330M industrial project at Exton's Happy Days Farm

 By Paul Schwedelson – Reporter, Philadelphia Business Journal

Atlanta developer Portman Holdings bought 169 acres in Exton at the site of Happy Days Farm and is planning to build a massive 1.9 million-square-foot industrial complex.

The site, at 1130 Pottstown Pike, sits between Route 100 and I-476. The purchase price of the land and the expected cost of the planned development is a combined $330 million.

Portman plans to build three warehouse distribution buildings in two phases. Site work on the first phase is already underway. Construction of Phase 1 is set to begin in the fall and will include a 636,120-square-foot building. An estimated completion date is summer 2024, or about 10 months later.

The second phase, planned to begin six months after construction begins on the first phase, calls for a 1.1 million-square-foot building and a 154,440-square-foot building. Portman estimates the full campus will be completed in the first quarter of 2025. Portman is calling the development the I-76 Trade Center.

The buildings are being built speculatively without tenants lined up.

Portman Industrial Managing Director John Gaskin declined to say how much the company paid to acquire the land. Chester County property records show Portman Holdings bought at least four parcels making up 154 acres of the site for $103.5 million.

“We do a lot of focus and work on understanding demographics and where the end users want to be in terms of the supply chain,” Gaskin said. “E-commerce continues to grow. ... There simply is a lack of modern industrial space for the purposes of moving consumer goods or storing things in the area.”

Full story: https://shorturl.at/klnNW


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