Jessup Logistics Center Slated for Completion in First Quarter 2022
February 01, 2021
Jessup, Penn. – Transwestern Development Company (TDC®) announces it has executed an off-market deal to acquire a 64-acre site in northeast Pennsylvania to develop Jessup Logistics Center. Located off Highway 6 at the intersection of Highway 247 and Alberigi Drive in Jessup, the site will house a 750,000-square-foot speculative industrial project. TDC is scheduled to break ground in February 2021 with expected delivery in first quarter 2022.
“With proximity to five major interstates, the Northeastern Pennsylvania industrial submarket has been highly competitive for warehousing and distribution centers, attracting some of the world’s top retailers and e-commerce companies,” said Greg Boler, Partner in TDC’s National Logistics Group. “We look forward to offering the market a state-of-the-art logistics product that enjoys compelling state and federal economic incentives.”
Jessup Logistics Center will feature 40-foot clear height and wide column spacing. With 133 dock doors and ample truck parking, the property is designed to accommodate the higher building volume capacity required by today’s e-commerce and logistics tenants. The site is situated within a federal Opportunity Zone and benefits from a 10-year LERTA tax abatement.
Northeastern Pennsylvania has become one of the Eastern Seaboard’s leading distribution markets due to its convenient access to several major metropolitan areas and ports. Tenants of Jessup Logistics Center will be within a two-hour drive of both New York City and Philadelphia and have access to 30% of the country’s population in one-day’s drive via Interstates 84, 380, 81, 476, and 80.
“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,” said Brian Banaszynski, Northeast Regional Partner in TDC’s National Logistics Group. “Jessup Logistics Center presents a rare opportunity to deliver a cost-effective option for companies and investors looking for functional space along the I-81 corridor as neighboring submarkets face rising rents and limited availability.”
Daniel Walsh and Gerry Blinebury of Cushman & Wakefield are the leasing agents for Jessup Logistics Center. Cadence Bank provided the debt for the project, and Blue Rock Construction will serve as the general contractor.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates real estate landmarks for itself, its partners and valued customers throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $5.6 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
Media Contact:
Stefanie Lewis
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stefanie.lewis@transwestern.com
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