Wednesday, March 27, 2024

Lease by JAS Worldwide Solidifies Central Pennsylvania as a Growing Hub for Logistics and Distribution

By Linda Moss CoStar News

Atlanta-based JAS Worldwide last year signed a big industrial lease in the central Pennsylvania region, helping to solidify the area's position as a growing hub for logistics facilities and distribution centers.

JAS, a global freight and logistics service provider, occupies 349,242 square feet at the First Logistics Center @ 283 at 2701 Market St., a nearly 700,000-square-foot facility owned by Chicago-based First Industrial Realty Trust in Elizabethtown. Because the large lease demonstrates JAS's substantial commitment to the region, a panel of local industry professionals selected the transaction as the winner of the 2024 CoStar Impact Award for lease of the year for Philadelphia.

As a leading global freight and logistics company, JAS is expected to create many job opportunities for Elizabethtown and the surrounding area, since it requires a substantial workforce for its operations. And the addition of a company like JAS is expected to attract other businesses and investors to the region, driving economic growth and diversifying employment opportunities. There is also expected to be a halo effect from JAS's presence, which is anticipated to spur the creation of small businesses in logistics and supply-chain operations, as well as complementary retail and services to support the larger workforce.

About the Project: First Logistics Center @ 283 was developed and is owned by First Industrial Realty Trust. JAS, due to its dedication to reducing greenhouse emissions and promoting green initiatives, was drawn to the new property as it aligned with its corporate goals and those of its clients. The tenant broker, Landmark Commercial Realty, in a press release valued the lease at $40 million over its 10-year term.

The JAS lease affirms central Pennsylvania's position as a growing market for relocation and development. The company's new location is seven miles from Harrisburg International Airport and just east of the Susquehanna River, in close proximity to Interstates 76, 83 and 81, along with airfreight capabilities. Harrisburg has received national attention for making the "Best Place to Live" list in U.S. News & World Report.

What the Judges Said: "This industrial warehouse is impactful in the immediate community of Elizabethtown, creating employment as well as providing other economic opportunities and traffic for other businesses," said Kenneth Penn, president of Benchmark Construction Group. "A natural growth in this community as a result of this industrial space will eventually support housing and rental units. This will contribute to this town and this region in their long term sustainability."

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