TCC & Clarion Partners acquire 90 acre site and begins construction on new industrial trade cent
LOWER NAZARETH, PA — Joint venture partners Trammell Crow Company and Clarion Partners, a real estate investment manager, announced the acquisition of a 90-acre site located at 4815 Hanoverville Rd. in Lower Nazareth for the development of Leigh Valley Trade Center. Construction on the project will commence later this month on two class A speculative warehouse/distribution buildings totaling more than 1.2 million s/f. Clarion Partners has acquired the property on behalf of a commingled fund that it manages.
“This project benefits greatly from its strategic location on the east side of the Lehigh Valley industrial market, with close proximity to a deep, high quality labor force as well as immediate access to what is perhaps the most important transportation infrastructure on the east coast,” said Andrew Mele, managing director with Trammell Crow Company’s NE Metro Business Unit. “TCC has a long history of delivering institutional quality, class A industrial real estate in the Valley and we look forward to starting this new project.” Building A will comprise 947,000 s/f with cross-dock loading, 36-foot clear height, capacity for over 240 loading dock doors and car and trailer parking ratios that are well above current market standards. Building B will total 297,000 s/f with rear loading and 32-foot clear height. “This is our third speculative industrial project with TCC in this area,” said Joe Zingaro, VP with Clarion Partners. “This market has all the fundamentals to support a project of this size and quality; demand for class A industrial space in the Lehigh Valley remains very strong across a variety of size ranges. The flexible, two-building design will allow us to see a diverse mix of tenant requirements.” The project’s location along Rte. 22 in the Lehigh Valley provides immediate access to I-78 and I-476. The existing highway infrastructure allows users to easily reach NY, Philadelphia and the rest of the Northeast.