PCCP JV Plans 674 KSF Industrial Park
Expressway Commerce Center marks the partnership's first speculative project.
PCCP LLC and MRP Industrial have purchased a 57-acre site for the development of a two-building, 674,000-square-foot industrial park in York, Pa. The Maple Press Co. sold the land for $13.5 million, York County public records show.
The speculative industrial project, currently underway, is scheduled for delivery in the third quarter of 2024. Cushman & Wakefield has been tapped as exclusive leasing agent. The development team also includes Macgregor Associates Architects, civil engineer BL Cos. and Mowery as general contractor.
Expressway Commerce Center marks the partnership’s first speculative project and will be situated within the Central Pennsylvania submarket, one of the best-performing submarkets nationwide, MRP Industrial Principal Matt Clymer said in a prepared statement. According to PCCP, the City of York is a core industrial submarket that has witnessed significant growth over the years, with 34 million square feet of industrial space delivered since 2018, steady rent growth over the past five years and a 2 percent vacancy rate at present.
Expressway Commerce Center will rise at 500 Willow Springs Lane and will encompass a 403,000-square-foot building and a 271,000-square-foot building. Both rear-load facilities will include 36-foot clear heights, a total of four drive-in doors and 117 dock doors, ESFR sprinkler systems, LED lighting, 563 vehicle parking spots and 175 trailer parking spots. Notable tenants in the area include Harley Davidson, Americold, Bayer and L’Oreal, among others.
Northeast’s strong industrial pipeline
The property, close to interstate 81 and 78, is within 20 miles from Harrisburg, Pa., and 24 miles from Harrisburg International Airport. Additionally, the development is set to become a regional distribution spot, allowing future tenants to reach 8 million people within a two-hour drive and providing easy access to Baltimore, Washington, D.C., and Philadelphia.
Philadelphia led the Northeast region for industrial construction, a recent CommercialEdge report shows. As of June, the metro had the largest pipeline in the area, with 20.2 million square feet underway, representing 4.8 percent of total stock, followed by New Jersey (10.2 million) and Boston (5.7 million).
One of the metro’s notable projects is Foxfield’s Lower Bucks Logistics Hub, a two-building industrial development that will total 814,567 square feet upon completion. Earlier this month, the company secured $114 million in financing for the project’s construction, from Mesa West Capital.