ProLogis, which is the world's largest owner of industrial space, plans to develop the park into 2.3 million sf of warehouse/distribution space in three or four buildings, according to the spokesman. This distribution giant is among several developers that Matthew , research services manager for the Philadelphia office of Grubb & Ellis, says, "are snatching up significant tracts of land . . . in outlying metro areas where land and labor are substantially less expensive."

The ProLogis parcel is approximately 70 miles from both New York and Philadelphia. Guerrieri predicts the ProLogis project "will gain quick attention form global distribution and logistics companies." Steve Bonge, SVP of Grubb & Ellis represented ProLogis in the sale transaction. The purchase price is undisclosed.

This will further strengthen ProLogis's position in Pennsylvania, which increased dramatically this month with the company's acquisition of Keystone Property Trust. Based in West Conshohocken, PA, Keystone owns or has under development 147 properties aggregating more than 34 million sf. With Keystone, the ProLogis worldwide portfolio encompasses 280 million sf.