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PCCP forms JV with Bluewater Property Group
Transactions - DECEMBER 16, 2019

PCCP forms JV with Bluewater Property Group

by Released

PCCP has formed a joint venture with Bluewater Property Group for the speculative development of a 470,000-square-foot Class A industrial warehouse building in Hazleton, Pa. The project will begin construction immediately with completion anticipated for third quarter 2020.

The fully entitled project is situated on a 50-acre site at 101 Commerce Drive and is within the 3,000-acre master-planned Humboldt Industrial Park. Stretching for five miles along Route 924 with nearly 60 industries and more than 10,000 employees, Humboldt is one of the largest industrial parks in Northeast Pennsylvania. Today, the park totals over 18.7 million square feet of diversified industrial product across 60 buildings with tenants such as Amazon, American Eagle Outfitters, Michael’s Arts & Crafts, Reynolds Consumer Products, OfficeMax, and AutoZone, among others.

101 Commerce Drive will include 36’ clear heights, precast construction, 185’ truck court, full ring road, 121 dock doors, 50’ x 50’ columns spacing with 60’ speed bays, T5 lighting and ESFR sprinklers. Additionally, the project features a prime location within Humboldt Industrial Park, with direct frontage and access at a full interchange of I-81, providing convenient access to several major interstates that span along the East Coast including the I-80, I-78, and I-476.

“PCCP is thrilled to partner with Bluewater Property Group, a team of highly experienced industrial real estate developers, to deliver a high quality distribution warehouse in a thriving and established industrial park,” said Ryan Dodge, vice president with PCCP. “The Northeast Pennsylvania industrial market has emerged into a highly trafficked industrial corridor, as evidenced by significant activity from developers, tenants and institutional capital.”

Located just north of the Lehigh Valley industrial submarket at the southern edge of Northeastern Pennsylvania, 101 Commerce offers proximity to the major New York and New Jersey markets. As compared to the Lehigh Valley area, the Northeastern Pennsylvania submarket offers more economical rents and labor supply, making it an attractive value and strategic alternative for tenants in recent years.

“Northeastern Pennsylvania, with an abundance of affordable labor and convenient access to the dense consumer population in the northeast is one of those markets that has greatly transformed as a result of the secular changes within the logistics sector,” stated Don Chase, partner of Bluewater Property Group. “Tenant activity has never been better while the inventory of modern cross dock buildings in the half-a-million square foot range are in short supply.”

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