Hillwood Acquires Site for 1.2 MSF Industrial Project in Central PA
- Nov 25, 2014
There’s something missing in the industrial real estate offerings in Central Pennsylvania, and Hillwood Investment Properties is planning to do something about it. The developer has completed the acquisition of a 95-acre tract in East Manchester Township in York County, Pa., where it will develop Trade Center-83, a 1.2 million-square-foot industrial facility.
The timing for a spec building like Trade Center-83 (pictured in rendering) appears to be just right. “Demand is being driven by very low vacancy of bulk Class A industrial, access to a solid labor pool, the growth of direct to consumer e-commerce fulfillment centers, as well as continued improvement in the national economy,” Gary Frederick, senior vice president with Hillwood, told Commercial Property Executive.
Central Pennsylvania’s distribution market serves as a crossroads of sorts for industrial users seeking easy access to the Northeast, Mid-Atlantic, Baltimore-Washington and the Eastern Canada markets, and York County is right in the thick of it. The vacancy rate in the submarket is a low 5.1 percent, according to a third-quarter report by CBRE Group Inc.
Hillwood relied on CBRE for representation in the acquisition of the land and has tapped the firm to market Trade Center-83. The project, which is expected to get underway later this year, was well received by the lending community. “Generally, financing options for quality projects are getting better and key market locations like Central Pennsylvania are viewed favorably,” Frederick said.
Trade Center-83 is on track to reach completion in the fourth quarter of 2015.