Panattoni Development Co. Acquires PA Logistics Park
The firm has purchased the property for a proposed two building logistics park, totaling 2,387,295 square feet of industrial space, in Valley View, PA.
VALLEY VIEW, PA – Irvine, CA-based Panattoni Development Co. has acquired a proposed two building logistics park in Valley View, PA from Tremont FT LLC, an affiliate of Viridian Partners, for $25.8 million.
The acquired Rausch Creek Logistics Center totals 2,387,295 square feet of industrial space.
Building 1 of the logistics park will total 1,346,755 square feet and is expected to deliver in Q3 2022. Building 2 will comprise 1,040,540 square feet of space and will be pad ready to begin speculative construction in early 2022.
The property will offer tenants trailer parking with more than 550 spaces.
Located at 978 Gap St. in Schuylkill County, the property is situated in the heart of Pennsylvania’s I-78/I-81 industrial corridor. The property, located directly off of Exit 107 of I-81, offers tenants access to major industrial markets in the Northeast.
CBRE arranged the sale of the property. The CBRE team of Michael Hess, Bart Anderson and Patrick Lafferty represented the seller during marketing and sales negotiations.
“Panattoni Development specializes in build-to-suit and speculative industrial development,” says Hess. “With limited inventory in Central Pennsylvania and the Lehigh Valley, and with a 75% LERTA tax abatement available, this state-of-the-art industrial park will attract an array of prominent industrial users.”