Joint Venture of Rockefeller Group and PCCP, LLC Breaks Ground on 1.3 Million-SF Distribution Hub in Allen Township, Pennsylvania
– Construction commences on first of two Allen Township industrial buildings, marking the official launch of Rockefeller Group Logistics Park
MORRISTOWN, N.J. (October 4, 2018) — Rockefeller Group, a leading real estate developer, owner and investor, along with joint venture partner PCCP, LLC, announced today it has broken ground on the first of a two-building 1.3-million-square foot distribution center in Allen Township, Pa. Construction has commenced on the 1-million-square-foot building at Rockefeller Group Logistics Park, with construction for a second 290,788-square-foot building expected to begin later this year. It is anticipated that both buildings will be completed by summer 2019.
”Rockefeller Group is excited to begin construction on Rockefeller Group Logistics Park as we expand our industrial development portfolio to Pennsylvania,” said Brandi Hanback, Executive Vice President and Head of Industrial Development for Rockefeller Group. “The Lehigh Valley has emerged as a new source for companies with large space requirements that also benefit from proximity to the region’s major consumer bases.”
Located in the heart of the Lehigh Valley, Rockefeller Group Logistics Park is situated two miles from Lehigh Valley International Airport, which offers both air cargo and passenger service, and is three miles from Route 22, offering toll-free access to Port Newark/Elizabeth via Interstate 78. Furthermore, the site is located within a day’s drive to one-third of all U.S. consumers and one-half of all Canadian consumers. One of the largest logistics hubs in the U.S. is adjacent to the property.
“In addition to its exceptional location, Rockefeller Group Logistics Park will comprise next-generation industrial product that is being built to accommodate the advanced needs and rapid growth of today’s users,” said Johanna Chervak, Director of Real Estate Development for Rockefeller Group’s NJ/PA Region. “We expect these speculative distribution buildings to attract e-commerce companies looking to reach consumers in a timely manner and we are already beginning to see interest, even before walls are tilted.”
The JLL team of Rob Kossar, Paul Torosian, Jeff Lockard, and Brian Golden serve as the exclusive marketing and leasing agents for the development.
“Rockefeller Group Logistics Park sits within one of the fastest-growing areas of Pennsylvania, surrounded by a robust and diverse labor pool, as well as amenity-rich communities,” said Torosian.
Kossar added, “For some industrial users, the New Jersey market is not as viable due to high pricing and limited space and the Lehigh Valley offers these companies an ideal alternative with a similar quality of development, location and labor access.”
The joint venture’s 1-million-square-foot building will include a 40-foot clear height, 509 car parking spaces, 179 loading cross loading dock doors, and 349 trailer parking spaces. The 290,788-square-foot building features a 36-foot clear height, 241 car parking spaces 38 dock doors, and 55 trailer parking spaces.
About Rockefeller Group
Rockefeller Group is a leading real estate developer, owner and investor, known since the development of Rockefeller Center for pioneering large-scale urban mixed-use development. For nearly nine decades the company has been trusted for its financial strength, stability and vision, and today remains committed to the selective acquisition, management and development of innovative, high-quality office, industrial, residential and mixed-use properties in urban centers and strategic distribution markets. Visit RockefellerGroup.com.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully committed over $16 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
* * *