Lehigh Valley, PA industrial development

from GobeSt.com (1/11)

UPDATE Last updated: January 11, 2008 09:36am

Higgins’ Eastern PA Strategy Tops $100M
By Marita Thomas

"LEHIGH VALLEY, PA-Chicago-based Higgins Development Partners’ development spree throughout Eastern Pennsylvania is far from over. Having completed more than 1.9 million sf of warehouse distribution space at four buildings between Harrisburg and the Lehigh Valley in 2007, it looks to add another 1.4 million sf in Coolbaugh Township and has a Carlisle site under contract that can accommodate in excess of 500,000 sf.

The development cost comes in at about $50 per sf, according to Gene Preston, SVP, who is located in the company’s Morristown, NJ office. That puts its 2007 investment at about $100 million he tells GlobeSt.com. The 85.5-acre Coolbaugh site Arcadia North Business Park, which Higgins acquired for $14 million, would add another investment of approximately $28 million. The close of the Carlisle land deal would ratchet that up by an additional $10 million." ...

"The asking rate at the 602,000-sf facility at 1700 Ritner Hwy. in Carlisle is also $4.25 per sf. The asking rate for the 385,000-sf warehouse/distribution building in Arcardia West Industrial Park at 9747 Commerce Circle in Weisenberg Township moves up a notch to $4.50 per sf. It is designed as a single-tenant or multi-tenant facility, and Preston says, “we’re closing in on a deal. It could be one or two tenants.” Groundbreaking on the large Coolbaugh parcel awaits a build-to-suit client. “We’ve had a number of expressions of interest,” Preston says."

for the complete story see:
http://www.globest.com/news/1071_1071/philadelphia/1673
65-1.html