Gene Preston, Higgins' senior vice president, tells GlobeSt.comthat after beating out competitors for development rights to a70-acre tract in the park, which is controlled by the GreaterWilkes-Barre Chamber of Business and Industry, that it enlisted NewYork City-based JP Morgan to buy the land parcel at 545 Oak HillRd., fund construction and own the building. He says the land pricecost $4.8 million. Preston declines to disclose the constructioncost or aggregate value of the PepsiCo lease.

On condition of anonymity, a developer of such facilitiesthroughout Eastern Pennsylvania tells GlobeSt.com the typicalconstruction cost is about $55 per sf, which would take the BTS tagclose to $28 million. He adds that "depending on the fit-out for aparticular build-to-suit, the cost could be higher." Also undercondition of anonymity, a broker familiar with the Wilkes-Barreindustrial market says the average asking rate forwarehouse/distribution space in the area is $4.25 per sf.

Under the agreement with JPMorgan, the Purchase, NY-basedPepsiCo has the option to develop an additional 200,000 sf on theparcel. Preston says there are no immediate plans to do so.