Regions Northeast
May 21, 2008
By: Barbra Murray, Contributing Editor
The pool of industrial real estate offerings in the market along I-81 in Cumberland County, part of the heaviest traveled distribution route in the State of Pennsylvania, is about to get much bigger now that Lauth has revealed plans for a 3.1 million-square-foot bulk distribution center in Penn Township. Development of Key Logistics Park will kick off with the building of a nearly 1.2 million-square-foot facility.
Key Logistics Park will occupy 206 acres about 20 miles outside of Harrisburg in a corridor that provides distribution access to 40 million within a 4½-hour drive. Construction of the complex's first structure, Building One, is on schedule get underway next month. Two other structures are on tap for the park. Building Two will feature 909,000 square feet, and Building Three will offer 954,000 square feet upon completion. The build-to-suit projects will be constructed as demand in the market dictates.
As for demand these days, the call for industrial product is, as it has been for some time, significant. "The I-81 Corridor has been the engine that's driven all expansion of the logistics market for Central Pennsylvania," Dan Alderman of real estate services firm NAI CIR told CPN today. The average vacancy rate for bulk warehouse properties is 8 percent in the Greater Harrisburg/York MSA, according to a report by NAI CIR. In addition to the highly coveted transportation infrastructure, the area's affordability and stable employment base has continued to attract and retain new businesses. Just last month, Dayville, Conn.-based United Natural Foods Inc. announced plans to relocate its Adams county distribution center to a 675,000-square-foot facility in Conewago Township, about 40 miles from Harrisburg.
Indianapolis-headquartered Lauth develops properties across the United States for clients to lease or own, and has completed billions of dollars in projects over the last three decades. The company's activities encompass a variety of property types including office, industrial, retail and healthcare. All told, Lauth has $1.2 billion in owned projects, $1.6 billion in projects under development and 2,500 acres of land owned or controlled in select strategic markets. The company's recent work in Pennsylvania extends beyond the Harrisburg area market. Six months ago, it wrapped up the development of a 525,000-square-foot distribution center for outdoor gear and clothing retailer REI, about two hours away in Bedford. The LEED Silver-certified facility is one of the largest green distribution centers in the country.
By: Barbra Murray, Contributing Editor
The pool of industrial real estate offerings in the market along I-81 in Cumberland County, part of the heaviest traveled distribution route in the State of Pennsylvania, is about to get much bigger now that Lauth has revealed plans for a 3.1 million-square-foot bulk distribution center in Penn Township. Development of Key Logistics Park will kick off with the building of a nearly 1.2 million-square-foot facility.
Key Logistics Park will occupy 206 acres about 20 miles outside of Harrisburg in a corridor that provides distribution access to 40 million within a 4½-hour drive. Construction of the complex's first structure, Building One, is on schedule get underway next month. Two other structures are on tap for the park. Building Two will feature 909,000 square feet, and Building Three will offer 954,000 square feet upon completion. The build-to-suit projects will be constructed as demand in the market dictates.
As for demand these days, the call for industrial product is, as it has been for some time, significant. "The I-81 Corridor has been the engine that's driven all expansion of the logistics market for Central Pennsylvania," Dan Alderman of real estate services firm NAI CIR told CPN today. The average vacancy rate for bulk warehouse properties is 8 percent in the Greater Harrisburg/York MSA, according to a report by NAI CIR. In addition to the highly coveted transportation infrastructure, the area's affordability and stable employment base has continued to attract and retain new businesses. Just last month, Dayville, Conn.-based United Natural Foods Inc. announced plans to relocate its Adams county distribution center to a 675,000-square-foot facility in Conewago Township, about 40 miles from Harrisburg.
Indianapolis-headquartered Lauth develops properties across the United States for clients to lease or own, and has completed billions of dollars in projects over the last three decades. The company's activities encompass a variety of property types including office, industrial, retail and healthcare. All told, Lauth has $1.2 billion in owned projects, $1.6 billion in projects under development and 2,500 acres of land owned or controlled in select strategic markets. The company's recent work in Pennsylvania extends beyond the Harrisburg area market. Six months ago, it wrapped up the development of a 525,000-square-foot distribution center for outdoor gear and clothing retailer REI, about two hours away in Bedford. The LEED Silver-certified facility is one of the largest green distribution centers in the country.
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