Portman Holdings, LLC has delivered the first portion of its major Philadelphia 1.9 million square foot industrial campus.
The initial phase represents 636,120 square feet of Class A space, which is a part of the full development dubbed I-76 Trade Center. The first phase includes a redo of what the community has known as Happy Days Farm, now renamed Happy Days Park. The green space offerings continue — while restoring farm components of the site including a silo, barn and homestead buildings. According to Portman, the revitalization aims to serve as a gift to the community, while the developer will own and maintain it. Happy Days Park, which sits on 36 acres, will officially open on June 14.
The rest of the Exton, Pennsylvania project includes a 154,440-square-foot building and a 1.1 million-square-foot facility. Phase two construction is scheduled to begin next month. Plus, Portman said in a statement that there are "additional opportunities available for build-to-suit and speculative development."
In total, I-76 Trade Center takes up 169 acres of space. The site is located off Exit 312 of the Pennsylvania Turnpike. Also, it's about 30 miles away from both Lehigh Valley and Center City.
“I-76 Trade Center is the continuation of our commitment to deliver high-quality industrial space in one of the most connected, high-growth regions in the country,” said Ken Skinner, senior vice president of industrial construction at Portman.
“At the same time, we are focused on preserving the history and character of the land. Happy Days Park is a reflection of that sentiment, with a space that brings people together and creates a lasting benefit for the community.”
According to Portman, its total industrial footprint takes up a total of 8.8 million square feet of space across 806 acres.
In the first quarter, industrial vacancy ticked up by 30 basis points in April versus the previous month to 8.8 percent, according to a report from CommercialEdge. However, new development is slowing in most markets, which could lead to the category stabilizing in the coming months, the CRE software firm said.
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