Transwestern Development Company and its partner, QuadReal Property Group, have broken ground on a new Hamburg Logistics Center.
The 518,140-square-foot speculative industrial project at 3501 Mountain Road is located off Interstate 78 near Route 61, the project is expected to deliver in third quarter 2021.
“The I-78/I-81 Corridor has consistently proven to be one of the top-performing industrial markets nationally,” said Greg Boler, Partner in TDC’s National Logistics Group.
“In addition to proximity to several ports and affordable labor, users can reach 30% of the U.S. and 50% of Canada within a one-day drive. TDC and our partners are excited to deliver a state-of-the-art industrial product to meet growing demand in the western shore of Lehigh Valley, where we have seen the majority of the market’s absorption and rent growth take place.”
The project, called Hamburg Logistics Center, will feature 40-foot clear height and wide column spacing. With 100 dock doors and four drive-in doors, the property is designed to accommodate the needs of sophisticated e-commerce and logistics users that require larger building volume capacity to store, pack and ship products quickly and efficiently.
The regional industrial market exceeds 300 million square feet and has posted annual absorption ranging from 11 million to 17 million square feet during the past five years.
For the first three quarters of this year, overall absorption has already eclipsed the upper tier of the previous range. This demand is driven by significant growth of e-commerce sales, increased storage capacity for safety reserves, and a shift to domestic manufacturing.
“At present, Transwestern has 40 industrial projects totaling 20 million square feet under construction or in pre-development planning stages nationwide, including more than 5 million square feet in the Northeast, led by Brian Banaszynski. Hamburg Logistics Center is an exciting part of this robust pipeline,” said John Thomas, Managing Partner for TDC National Logistics Group.
Jeff Lockard, Ryan Barros and Paul Torosian of JLL are providing leasing services for Hamburg Logistics Center.
Artículo en: Español (Spanish)