(To read more on the industrial market, click here.)

CHAMBERSBURG, PA-Liberty Property Trust has broken ground for an 837,350-sf warehouse/distribution facility on a 55-acre parcel at 95 Kriner Rd. At completion, which is scheduled for this Q4 2007, it will take Malvern-based Liberty’s Harrisburg portfolio to nearly three million sf.

The building is being built on a speculative basis. Troy Briggs, director of leasing and development for Liberty’s Lehigh Valley/Harrisburg region, tells GlobeSt.com the asking rent is $4.25 per sf, triple-net, and the design will accommodate single- or multi-tenant use.

Briggs declined to disclose the estimated construction cost. On condition of anonymity, a developer of warehouse projects in Central Pennsylvania tells GlobeSt.com that costs for warehouse/distribution construction is currently running at approximately $55 per sf, which would take this one to the $45-million range.

This facility is within the Chambers-5 Business Park. Existing tenants in the park include Kmart, Amazon.com and Ozburn-Hessey.

The location is at Exit 14 off Interstate 81, a corridor along which the distribution real estate sector has mushroomed over the past several years, primarily by big box retailers. According to a report from the Philadelphia office of Cushman & Wakefield, leases for more than 10 million sf were signed for space within the I-81/78 distribution corridor during 2006. This report and others forecast a strong 2007.

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