Trammell Crow, USAA Break Ground on 700 KSF Industrial Facility in Pennsylvania
- Jan 24, 2012
January 24, 2012
By Nicholas Ziegler, News Editor
Following on the heels of reports that call for an uptick in industrial activity for 2012, Trammell Crow Co. and USAA Real Estate have announced the groundbreaking on a 700,000-square-foot Class A spec distribution facility at Mountain Creek Distribution Center in Carlisle, Penn.
“Over the past decade the I-81 Corridor in Pennsylvania firmly established itself as one of the top industrial markets in the country. The market’s comparatively strong performance throughout the economic downturn has further solidified its position as a top tier market,” Andrew Mele, senior vice president of Trammell Crow, said. “We believe the project is well positioned to capitalize on continued market demand.”
Mountain Creek Distribution Center is a two building industrial project situated on 113 acres at Exit 44 of Interstate 81 in the renowned Central Pennsylvania industrial market. The project is approved for 1,302,500 square feet of Class A warehouse/distribution space designed to achieve LEED Core & Shell (CS) certification. The first building, scheduled for completion in the summer of 2012, is designed with cross dock loading, 32′ clear ceiling heights, 60′ x 47’6″ typical bay spacing, ESFR sprinkler systems and ample onsite trailer storage.
The industrial market looks to do well in 2012, thanks in part to a revving manufacturing engine as well as the fact that there are few projects in the construction pipeline. Limited construction – 2011 saw only 20.5 million square feet of completions, down from the five-year average of 88.1 million square feet – is increasing absorption rates in nearly every major market around the country, according to a fourth-quarter 2011 report by services firm Cushman & Wakefield Inc.
Jones Lang LaSalle has been retained to market the project to potential tenants.
USAA manages a multi-billion dollar portfolio including recent acquisitions of $3 billion and development assets of $2 billion. Trammell Crow has developed or acquired over 525 million square feet of buildings with a value exceeding $55 billion. As of June 30, 2011, Trammell Crow had over $3.5 billion of projects in process, $1.4 billion in its pipeline and $1.4 billion in long-term operating assets.