{"id":1004603491,"date":"2022-09-21T11:02:25","date_gmt":"2022-09-21T19:02:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004603491"},"modified":"2022-12-08T14:42:40","modified_gmt":"2022-12-08T22:42:40","slug":"newland-capital-plans-1-2-msf-warehouse-in-pennsylvania","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/","title":{"rendered":"Newland Capital Plans 1.2 MSF Warehouse in Pennsylvania"},"content":{"rendered":"
\"Newland<\/a>

Planned distribution center in Mount Pocono, Pa. Image courtesy of Newland Capital Group<\/p><\/div>\n

Newland Capital Group<\/strong>, a national industrial investor, developer and asset manager, has acquired an 85-acre development site in Mount Pocono, Pa., and leased a soon-to-be-constructed 1.2 million-square-foot distribution center to an unidentified major industrial tenant.<\/p>\n

JLL<\/strong>\u2019s Northeast Industrial Region team arranged the sale and secured the tenant for the property located off I-380 and I-80 on the eastern edge of the Northeast Pennsylvania industrial market<\/a>. The name of the seller, price paid for the property and identity of the tenant preleasing the building were not disclosed.<\/p>\n

Newland was represented by JLL\u2019s Northeast Industrial team led by Executive Managing Director Jeff Lockard,<\/a> Vice President Ryan Barros and Associate Kevin Lammers. The team worked with Casey Mungo of DAUM Commercial<\/strong> to arrange the sale and negotiate the lease. JLL Managing Director Steve Cooper represented the property seller.<\/p>\n

\n

READ ALSO<\/strong>: Top 5 Markets for Industrial Construction Activity<\/a><\/p>\n

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Construction of the distribution center is slated to begin in early October and be completed by the first quarter of 2024. The state-of-the-art facility will feature 191 truck doors, four drive-in doors, 359 trailer stalls and parking for 426 vehicles.<\/p>\n

Ty Newland, managing principal of Newland Capital Group<\/strong>, which has offices in Atlanta and Irvine, Calif., said in a prepared statement the project will provide jobs and help the economy of the Poconos region and will also add logistics space in the heart of one of the mostly densely populated markets. More than 24 million people live within the New York, New Jersey, Connecticut and Pennsylvania combined statistical area.<\/p>\n

Pennsylvania market report<\/strong><\/h2>\n

Northeast Pennsylvania continues to be a core industrial market for occupiers and investors. Companies including medical supplies distributor Medline Industries, General Mills, Lowe\u2019s and NFI Logistics have built or leased millions of square feet of space, driving the market\u2019s industrial vacancy to record low levels.<\/p>\n

Class A vacancy fell to a record low of 1.7 percent during the past year, according to JLL\u2019s 2Q 2022 report<\/a> covering the Eastern and Central Pennsylvania market. Rents increased more than 24 percent year-over-year to $7.93 per square feet, the report noted. More than one-third of the 42.6 million square feet of new product under construction has been preleased.<\/p>\n

Demand was high in the second quarter and is expected to remain so for the rest of the year. In the second quarter, developers broke ground on 4.3 million square feet of speculative industrial construction in the market. The report notes 24 active spec construction projects exceeding 500,000 square feet are available and expected to deliver within 12 months. JLL anticipates a third consecutive year of record positive net absorption.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL arranged the sale and secured a tenant for the Mount Pocono distribution center.<\/p>\n","protected":false},"author":1068,"featured_media":1004603692,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21742,10],"tags":[34824,32796],"class_list":["post-1004603491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-northeast","tag-daum-commercial","tag-jll"],"acf":[],"yoast_head":"\nNewland Capital Plans 1.2 MSF Warehouse in Pennsylvania - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Newland Capital Group has acquired an 85-acre site in Mount Pocono, Pa., with plans to develop a 1.2 million-square-foot distribution center.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newland Capital Plans 1.2 MSF Warehouse in Pennsylvania\" \/>\n<meta property=\"og:description\" content=\"Newland Capital Group has acquired an 85-acre site in Mount Pocono, Pa., with plans to develop a 1.2 million-square-foot distribution center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-21T19:02:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:42:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/newlandsrendering.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"796\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/\",\"name\":\"Newland Capital Plans 1.2 MSF Warehouse in Pennsylvania - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/newlandsrendering.jpg\",\"datePublished\":\"2022-09-21T19:02:25+00:00\",\"dateModified\":\"2022-12-08T22:42:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"description\":\"Newland Capital Group has acquired an 85-acre site in Mount Pocono, Pa., with plans to develop a 1.2 million-square-foot distribution center.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/newland-capital-plans-1-2-msf-warehouse-in-pennsylvania\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/newlandsrendering.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/newlandsrendering.jpg\",\"width\":796,\"height\":600,\"caption\":\"Planned distribution center in Mount Pocono, Pa. 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