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CHAMBERSBURG, PA-The Malvern-based Liberty Property Trust has acquired 55 acres at 95 Kriner Rd., called the I-81 Distribution Center, and plans to build a 837,540-sf spec facility. The Philadelphia-based BPG Properties Ltd., an affiliate of Berwind Property Group, sold the land for $8.5 million, or $154,545 an acre.

The spec facility will be designed for warehouse, distribution, light manufacturing and office use. It is designed by the Atlanta-based ARCO Design/Build and is projected to reach completion in spring 2007. A Liberty spokeswoman confirms that the REIT is developing in the Chambersburg market, but was unable to disclose details by deadline.

Brokers in the Philadelphia office of CB Richard Ellis represented BPG and Liberty has retained Joe McDermott, SVP, along with Vince Ranalli and Jeff Watson in that CBRE office to market the center. McDermott tells GlobeSt.com, “there is a pool of about 14 prospective tenants looking to lease up approximately 4.3 million sf of industrial space in the I-81 corridor.” Targeted tenants include third-party logistics suppliers, national retailers and food service groups, he says.

The building will have 32-ft minimum clear ceiling height and a minimum of 80 dock doors with additional knockouts for more than 200. In addition to its access to I-81 and other area interstates, the property is also rail-served by Norfolk-Southern. Divisible units in the building start at 250,000 sf, and McDermott says the asking rental rate is $4.25 per sf.

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