August 31 2023 0Comment

1.9 MSF Philly-Area Industrial Project

The $330 million spec campus will come online in two phases.

Portman Industrial has acquired 169 acres in Exton, Pa., a Philadelphia suburb, to build I-76 Trade Center, a speculative industrial campus spanning 1.9 million square feet. Cushman & Wakefield brokered the deal on behalf of the seller, Audubon Land Development.

Site work is already underway and groundbreaking is expected this fall. KSS Architects designed the project, while Alston serves as general contractor, as reported by the Philadelphia Business Journal. Cushman & Wakefield is the property’s leasing agent.

To come online in two phases, the $330 million campus will comprise three facilities. Phase I will involve the construction of a 636,120-square-foot, cross-dock building with four drive-in doors, 110 dock doors, 146 trailer stalls and 508 parking spaces. Delivery is slated for August 2024.

Phase II will include a 1.1 million-square-foot facility along with another 154,440-square-foot building. Full build-out is expected in the first quarter of 2025.

The Cushman & Wakefield team that brokered the transaction included Vice Chairman Gerry Blinebury, Executive Managing Directors Jonas Skovdal and Director Christopher Butera.

Located at 1130 Pottstown Pike, the site is near Interstate 76 and roughly 35 miles west of downtown Philadelphia, providing access to the New Jersey Turnpike via interstates 76 and 95. The property is some 40 miles from the Philadelphia International Airport and 37 miles from the Port of Philadelphia.

Portman’s industrial portfolio currently comprises 8.1 million square feet of space across the U.S., in various stages of development. Recently, the company partnered with D2 Organization for another Philadelphia-area project.

Greater Philly had nearly 17.5 million square feet of industrial space under construction as of July, representing 4.1 percent of total stock, according to a recent CommercialEdge report. The metro ranked sixth in the nation for pipeline size.

Alston Construction, Cushman & Wakefeld, KSS Architects, Portman Holdings LLC

Source: Commercial Property Executive