{"id":1004755333,"date":"2025-04-23T04:03:48","date_gmt":"2025-04-23T12:03:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004755333"},"modified":"2025-04-28T06:23:39","modified_gmt":"2025-04-28T14:23:39","slug":"rockefeller-group-mitsui-kick-off-2-msf-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-mitsui-kick-off-2-msf-development\/","title":{"rendered":"Rockefeller Group, Mitsui\u00a0Kick Off\u00a02 MSF\u00a0Development"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a239ad397e17&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004755340\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/silver-spring-logistics-park-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Silver-Spring-Logistics-Park-edited.jpg\" data-orig-size=\"2880,2160\" data-comments-opened=\"0\" 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;0&quot;}\" data-image-title=\"Silver Spring Logistics Park\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Silver-Spring-Logistics-Park-edited.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Silver-Spring-Logistics-Park-edited.jpg\" alt=\"Outside rendering of a building from Silver Spring Logistics Park, an upcoming industrial campus in Silver S[ring Township, Pa. \" class=\"wp-image-1004755340\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Silver-Spring-Logistics-Park-edited.jpg 2880w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Silver-Spring-Logistics-Park-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Silver-Spring-Logistics-Park-edited.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Silver-Spring-Logistics-Park-edited.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Silver-Spring-Logistics-Park-edited.jpg?resize=1536,1152 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Silver-Spring-Logistics-Park-edited.jpg?resize=2048,1536 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The upcoming Silver Spring Logistics Park in central Pennsylvania is set to include more than 2 million square feet of distribution space. <em>Image courtesy of Rockefeller Group<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Rockefeller Group and MBK Real Estate, a subsidiary of Mitsui &amp; Co. Ltd., have&nbsp;started construction on the first phase of a 2 million-square-foot distribution campus in central Pennsylvania, dubbed Silver Spring Logistics Park. The partners&nbsp;had acquired a&nbsp;182-acre&nbsp;former farmland site in Silver Spring Township, Pa., for the development.&nbsp;CBRE represented the seller, with a different CBRE team now handling the new development for sale or lease.<\/p>\n\n\n\n<p>Work is now underway on\u00a0an\u00a0803,520-square-foot building\u00a0and another one at\u00a0318,060 square feet. The\u00a0two\u00a0are slated to come online by\u00a0spring 2026. The third building, at\u00a0892,620 square\u00a0feet, will follow.<\/p>\n\n\n\n<p>\u201cWhile the current economic climate for industrial is absolutely challenging, development deliveries run throughout real estate cycles,\u201d Rockefeller Group Vice President &amp; Regional Director of North Central Development Heath Abramsohn&nbsp;told <em>Commercial Property Executive<\/em>.<\/p>\n\n\n\n<p>Rockefeller&#8217;s&nbsp;strategy with Silver Spring is to deliver a Class A product in an already supply-constrained submarket,&nbsp;Abramsohn said, and thus the&nbsp;project will be delivered&nbsp;(mid-2026)&nbsp;when&nbsp;the company believes&nbsp;there will be greater macro market stabilization.<\/p>\n\n\n\n<p>Silver Spring Logistics Park rises at Carlisle Pike\/U.S. Route 11, roughly 3 miles from its junction with Interstate 81. The site is about 20 miles from Harrisburg International Airport, and a little less than 90 miles from the Port of Baltimore.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/cpe-roundtable-using-ai-for-investment\/\">There\u2019s More AI in Investment Than Meets the Eye<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>All&nbsp;of the&nbsp;buildings will include 40-foot clear heights and 185-foot&nbsp;truck courts. The two 800,000-plus square-foot buildings will be cross-dock,&nbsp;and all of the buildings will have truck and automobile parking.<\/p>\n\n\n\n<p>The development represents the Rockefeller Group&#8217;s entry into central Pennsylvania. The private developer, whose CRE portfolio is diversified and nationwide, currently has 18 industrial projects underway totaling about 25 million square feet. This year, the company has also started development of a 558,000-square foot logistics park in Baytown, Texas, and a 500,000-square-foot logistics park in Antioch, Calif. <\/p>\n\n\n\n<p>Rockefeller&#8217;s list of large projects includes a 5 million-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-jv-breaks-ground-on-5-msf-virginia-campus\/\">industrial campus in the Hampton Roads area<\/a> of Virginia, as well as a <a href=\"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-breaks-ground-on-1-1-msf-new-jersey-campus\/\">New Jersey development<\/a>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-economic-uncertainty-clouds-central-pennsylvania-industrial\">Economic uncertainty clouds central Pennsylvania industrial<\/h2>\n\n\n\n<p>Industrial space demand has taken a dive in central Pennsylvania, according to CBRE, which chalks up the most recent decline to economic uncertainty created by trade policy in the the first quarter. Leasing activity, however, was already slowing down due to higher interest rates.<\/p>\n\n\n\n<p>The sector averaged nearly 2 million square feet of leasing activity during each quarter from early 2020 through mid-2022, when the Fed started raising the target interest rate. Since then, 3PL leasing activity averaged around 1 million square feet per quarter,&nbsp;CBRE reported,&nbsp;but during this year&#8217;s first quarter, tenants leased less than 500,000 square feet, making for negative absorption of 2 million square feet for the quarter.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/what-global-trade-shifts-mean-for-us-industrial\/\">What Global Trade Shifts Mean for US Industrial<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>On the supply side, only 743,000&nbsp;square feet&nbsp;of new industrial projects broke ground during the&nbsp;first&nbsp;quarter, the&nbsp;smallest&nbsp;number of starts since the third quarter of 2013,&nbsp;in the wake of the Great Financial Crisis, CBRE noted.<\/p>\n\n\n\n<p>Though at a slower pace, some space is still coming on the market, edging vacancy up to 8 percent in the first quarter. As recently as three years ago, industrial vacancy in central Pennsylvania was below 2 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two of the three buildings are coming online next year.<\/p>\n","protected":false},"author":1023,"featured_media":1004755340,"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":[32789,32831,33348],"class_list":["post-1004755333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-northeast","tag-cbre","tag-mitsui-fudosan-america-inc","tag-the-rockefeller-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rockefeller Group, Mitsui\u00a0Kick Off\u00a02 MSF\u00a0Development - 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