Provident Industrial Breaks Ground on Philly-Area Asset
The development marks the company’s entry into the Northeast.
Provident Industrial has broken ground on a 257,040-square-foot industrial building in Limerick, Pa. This is the first development in the Northeast for Provident Industrial, a division of real estate development and investment company Provident.
Delivery is scheduled for June 2027.
The location at 300 Keystone Drive is along the Route 422 corridor northwest of Philadelphia. The building will feature 36-foot clear height with 48 dock doors, 24 of them with levelers, seals, bumpers and dock lights, a Provident spokesperson told Commercial Property Executive. In addition, there will be 247 car parking spaces and 59 trailer parking spaces, along with a 1,534-square-foot spec office.
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CBRE Executive Vice President Paul Touhey is handling leasing for the project.
In a prepared statement, Eric Moser, market officer at Provident Industrial, described the submarket as underserved by modern industrial product, with much of the existing inventory being 40 to 50 years old and no longer suitable for today’s industrial tenants.
The development is part of a growth strategy for Provident Industrial, targeting supply-constrained markets with infrastructure access and sustained industrial demand, from Virginia to Boston.
Big business in big boxes
The southeast Pennsylvania region’s industrial space market has a 10.8 percent total availability on an inventory of 204.8 million square feet, according to a second-quarter report from CBRE. Net absorption year-to-date has been 407,000 square feet, but deliveries too have been modest at 484,000 square feet. About 1.9 million square feet is under construction.
In March, Colliers Executive Vice President Tom Golarz dissected the Philadelphia metro’s big-box industrial market specifically, referring to facilities larger than 200,000 square feet and with at least 28-foot clear height. He credited the region’s strong demand for big-box space in large measure to geography, with the ability to reach one-third of the U.S. population and half of the Canadian population in a day’s truck drive.
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