Developer Has Partnered With Amazon.com On Project Around U.S.
An affiliate of KTR Capital Partners closed on the acquisition of 172 acres in Hanover Township, PA, that could accommodate more than 2.3 million square feet of industrial development, including up to 1.9 million square feet in a single facility.
New York City-based private equity firm KTR did not disclose financial terms or specific tenants or build-to-suit clients for the Lehigh Valley site about a mile from I-81, the main north/south corridor connecting the Northeast Pennsylvania submarket with various East Coast distribution arteries.
However, KTR has partnered with Amazon.com on several developments around the country, including projects in Robbinsville, NJ; Kenosha, WI; Windsor, CT, and several other locations.
The project would nearly double KTR’s footprint in Pennsylvania. The company currently has 5 million square feet of speculative and build-to-suit projects under way around the country.
KTR noted that more than 40% of the nation’s population lives within a 600 mile radius of the Hanover Township location, making it a prime destination for regional distribution facilities.
The site "is well-positioned to capitalize on build-to-suit opportunities for super regional requirements which have become increasingly popular throughout the country and in northeastern Pennsylvania," said PJ Charlton, senior vice president of Investments for KTR, in a release.
Charlton said the site is "extremely flexible" and can be configured in multiple ways to accommodate a wide range of tenant needs.
The land can also accommodate "additional car and trailer parking, enhanced security and ample truck staging areas for larger users if needed, making this site well-suited for ecommerce or heavy logistic-driven requirements," Charlton added.
KTR will begin site work and infrastructure improvements this year enabling a completed building delivery as early as first-quarter 2015.