News
BIG INDUSTRIAL UPTICK
March 15, 2012
| Activity in metro Philly's industrial clusters is improving. And to emphasize that point, First Industrial's Peter Schultz tells us one of its tenants expanded. |
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| Peter says TJX Corp (which runs the ever-popular retailer Marshalls) just leased 166k SF at 2801 Red Lion Rd (Guess March does come in with a Lion's roar). The move expands TJX's nearby primary distribution facility. And more importantly, allows for our local stores to get more of those discounted Levi's. |
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| Here's the new TJX property. Peter says overall activity is on the uptick, as signs of the economy improving continue to pour in, particularly from new requirements. “It's not just the same deals that are hanging around the hoop,” he says. And the activity is pushing First Industrial to ready new developments, including entitling two parcels in Allentown that could house 600k SF of industrial, and another site at Covington Industrial Park that will be marketed for a 500k SF build-to-suit project. Neither project is a guarantee to move forward this year, Peter cautions, but suspects will know more by the summer. |
