Total cost of the facility is projected at $23 million, or about $37.89 per sf, Guers tells GlobeSt.com. The first building on the parcel, an 822,000-sf warehouse, is now fully leased, he reports, and the major tenant is Procter & Gamble. Opus East acquired the parcel three years ago.
Opus East plans to purchase land and develop more than 4 million sf of retail, warehouse and office space in Pennsylvania and New Jersey over the next several months. Development at a half-dozen sites, owned by the developer in the region, is already well underway.
Guers characterizes the Philadelphia region as "more of a money market fund than an equity stock, which makes it very attractive now."
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