{"id":1004159345,"date":"2016-11-17T00:35:34","date_gmt":"2016-11-17T08:35:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004159345"},"modified":"2020-05-11T02:43:38","modified_gmt":"2020-05-11T10:43:38","slug":"ridge-development-grabs-land-for-pennsylvania-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ridge-development-grabs-land-for-pennsylvania-warehouse\/","title":{"rendered":"Ridge Development Grabs Land for Pennsylvania Warehouse"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004159347\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Penn-Commerce-Logistics-Center.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004159347\" data-attachment-id=\"1004159347\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ridge-development-grabs-land-for-pennsylvania-warehouse\/penn-commerce-logistics-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Penn-Commerce-Logistics-Center.jpg\" data-orig-size=\"900,579\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Penn Commerce Logistics Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Penn-Commerce-Logistics-Center.jpg?w=900\" class=\"wp-image-1004159347 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Penn-Commerce-Logistics-Center.jpg\" alt=\"Penn Commerce Logistics Center\" width=\"300\" height=\"193\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Penn-Commerce-Logistics-Center.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Penn-Commerce-Logistics-Center.jpg?resize=300,193 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Penn-Commerce-Logistics-Center.jpg?resize=768,494 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004159347\" class=\"wp-caption-text\">Penn Commerce Logistics Center<\/p><\/div>\n<p><strong>Penn Township, Pa.<\/strong>\u2014<a href=\"https:\/\/team.transwestern.net\/ridgedevelopment\/Pages\/default.aspx\" rel=\"nofollow\" target=\"_blank\">Ridge Development<\/a> is planning to enter new territory, and the pending purchase of 160 acres in Penn Township, Pa., is paving the way. Ridge just entered into an agreement to acquire the land for the development of the 2.2 million-square-foot Penn Commerce Logistics Center, a speculative project that will mark the company\u2019s debut in the Northeast market.<\/p>\n<p>Ridge, the <a href=\"https:\/\/www.commercialsearch.com\/news\/transwestern-enters-jv-plans-expansion-into-mexico\/\" target=\"_blank\">industrial development division<\/a> of Transwestern Development Co., picked quite a spot to establish a new footprint. Penn Commerce will be erected in the middle of it all. Literally. The property is located off I-81, roughly 30 miles outside the state capital of Harrisburg, in Central Pennsylvania\u2014and Central Pennsylvania is within a day\u2019s reach of 40 percent of the country\u2019s population.<\/p>\n<p>\u201cCentral Pennsylvania continues to see historically strong absorption and low vacancy rates. With high-quality sites becoming more scarce&#8211;especially for those greater than 1 million square feet&#8211;and demand forecasted to remain robust, the supply and demand balance is very favorable for Penn Commerce Logistics Center,\u201d Steve Kros, executive vice president with Ridge Development, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>.<\/p>\n<p>The entire Pennsylvania I-81\/I-78 corridor, which also encompasses Northeastern Pennsylvania and the Lehigh Valley, is faring quite well; well enough to break records. In the third quarter, the area\u2019s year-over-year industrial vacancy rate dropped 110 basis points to 3.9 percent, marking the corridor\u2019s lowest ever vacancy rate, per a report by <a href=\"https:\/\/www.cushmanwakefield.com\/\" rel=\"nofollow\" target=\"_blank\">Cushman &amp; Wakefield<\/a>, the commercial real estate services firm overseeing leasing for Ridge&#8217;s new project.<\/p>\n<p>Penn Commerce\u2019s location appears to be ideal, right down to the Newville submarket in which it sits. Newville\u2019s nearly 2.7 million-square-foot warehouse stock boasted an envy-inducing 0 percent vacancy rate at mid-year. However, Penn Commerce will have more than location on its side. The industrial property will feature state-of-the-art space and the largest floorplate\u2014nearly 1.5 million square feet\u2014of any warehouse within 30 miles of Harrisburg.<\/p>\n<p>Ridge expects to complete acquisition of the 160-acre Penn Commerce site in September 2017, after which it will waste precious little time kicking off the project with the construction of a 1.4 million-square-foot warehouse. Penn Commerce will welcome its first tenants in 2018, with full build-out on track for 2020. Ridge is not presently disclosing the development cost.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 2.2 million-square-foot Penn Commerce Logistics Center will mark the company\u2019s debut in the Northeast market.<\/p>\n","protected":false},"author":969,"featured_media":1004159347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,21748,21742,10],"tags":[],"class_list":["post-1004159345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-industrial","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ridge Development Grabs Land for Pennsylvania Warehouse - 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