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WARMINSTER, PA-Scott Cornell, a local investor who operates an excavation company here, breaks ground for the first of as many as 17 industrial buildings he plans for Warwick Business Campus, a 25-acre parcel on Mearns Road. He plans to deliver the initial 24,000-sf spec building in second quarter 2006.

One 30,000-sf building, developed by a different owner, is in place and fully leased. Joe Stephenson, senior advisor, industrial group, in the King of Prussia office of Grubb & Ellis, is handling sales and marketing for the rest of the park. “Asking rental rates for buildings in the park are on an escalating scale,” he tells GlobeSt.com. For tenants leasing between 2,500 sf and 7,500 sf, the asking rate is $7.50 per sf, triple net. For leases of from 7,500 sf to 15,000 sf, the rate is $6.50 per sf. For leases of more than 15,000 sf, the asking rate is $5.50 per sf.

Stephenson says the owner’s goal “is to construct buildings of between 13,000 sf up to 60,000 sf with some broken down to units of as little as 2,500 sf.” They include a mix of spec and build-to-suit facilities. “Demand is high because there is very little product in this market,” which is in Warwick Twp. in Bucks County.

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