Transwestern Development Co. has closed on the acquisition of a 64-acre site in Jessup, Pa., to develop Jessup Logistics Center, a 750,000-square-foot speculative industrial project. Construction is scheduled to begin in February, with delivery expected in the first quarter of 2022.
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The development will feature 40-foot clear height, wide column spacing, 133 dock doors and ample truck parking. Director Daniel Walsh and Vice Chairman Gerry Blinebury from Cushman & Wakefield will be handling leasing efforts for the project. Cadence Bank provided construction financing, while Blue Rock Construction will serve as general contractor.
The project will be developed at the intersection of highway 247 and Alberigi Drive, just off highway 6 and with quick access to interstates 81 and 84 in northeastern Pennsylvania. Additionally, the development will be located within a federal Opportunity Zone and will benefit from a 10-year LERTA tax abatement.
According to Greg Boler, partner at TDC’s National Logistics Group, the northeastern Pennsylvania submarket has been highly competitive for industrial properties and has attracted top retailers and e-commerce companies. The area has become one of Eastern Seaboard’s leading distribution markets because of its proximity to major metropolitan areas such as New York City and Philadelphia.
Transwestern currently has 40 industrial projects totaling 20 million square feet under construction or in pre-development planning at a national level, with 5 million square feet in the Northeast, according to Brian Banaszynski, Northeast Regional Partner in TDC’s National Logistics Group. At the beginning of the year, the company delivered a 352,000-square-foot industrial property in Jonesboro, Ga.