ALLENTOWN, PA-Reno, NV-based Hopkins Distribution Co. inked a long-term lease for 206,542 sf in DP Partners' recently completed 594,923-sf building at 4952 Hanoverville Rd. in its LogistiCenter at Allentown. The aggregate value of the lease is undisclosed, but Aaron H. Paris, EVP and COO of DP, which is also based in Reno, tells GlobeSt.com, "the current asking rate for Allentown properties is $4.35 per sf."
While Hopkins has distributed clients' products nationally and internationally since its inception in 1993, this is the third-party logistics supplier's first East Coast distribution center. "With Reno as our western logistics operational hub, we selected the Allentown area for the same reasons DP Partners did," says Nancy Hopkins, CFO. "It offers affordable industrial land located in an emerging growth corridor of several major US markets with exceptional access to transportation infrastructure ...(including) access to both road and rail."
LogistiCenter at Allentown is a 70-acre, master-planned complex within the northeast extension corridor of the Pennsylvania Turnpike in Lower Nazareth Twp., Northampton County. A second, 621,000-sf facility is currently under way. The complex is a designated Foreign Trade Zone, which reduces tenants' costs on international cargo shipments and manufacturing and distribution operations. An FTZ is a designated area within a US Customs' port of entry jurisdiction –in this case, Lehigh Valley International Airport –which is considered to be outside the customs territory of the US. Therefore, cargo entering this country from abroad is not subject to payment of duty or inspection and clearance by US Customs.
Nancy Hopkins and husband, Robert, president, founded the company that bears their name in 1993. This is its seventh lease with DP during a series of expansions over the past 11 years. It opened its first headquarters and warehouse with DP at a 26,000-sf Reno facility. Currently, it occupies 203,375 sf at DP's Dermody Aircenter and 220,375 sf at an adjacent DP building in Reno.
DP's Harrisburg team represented the owner in the Hopkins transaction. The team includes Michael J. Alderman, director of leasing; Stephen G. Bailey, mid-Atlantic regional director; James V. Mascaro, development manager and Kevin Young, facilities manager. DP's ownership portfolio encompasses nearly 22 million sf in California, Nevada, Jew Jersey, Georgia, Indiana, Illinois and Pennsylvania, where it is also developing a 246-acre LogistiCenter in Carlisle.
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