Industrial project recently completed by TCC and Clarion PartnersBETHLEHEM, PA – Joint venture partners Trammell Crow Company and Clarion Partners announce Primark, a leading European fashion retailer, has signed a lease at 2485 Commerce Center Boulevard, a Class A speculative industrial building in Pennsylvania’s Lehigh Valley industrial market. The building will serve Primark’s east coast distribution operation as the company makes its first venture into the United States.
A subsidiary of Associated British Foods, Primark opened its first store in the late 1960’s in Dublin, Ireland and has since experienced rapid expansion throughout Europe with a focus on low cost, trend-driven fashion. Primark first announced plans to enter the U.S. market earlier this year and will open its first U.S. store in Boston in late 2015. Primark plans to open additional stores in the northeast in 2016 and beyond.
“We are thrilled to welcome Primark to the project as this global retailer looks to expand its brand in the United States,” said Andrew Mele, Senior Vice President with Trammell Crow Company’s Northeast Metro Business Unit. “The project offers a great location and best-in-class design to provide Primark with the distribution facility it needs to serve its planned store rollout.”
2485 Commerce Center Boulevard is located on a 40-acre site within Lehigh Valley Industrial Park VII, a master-planned business park that was formerly home to Bethlehem Steel. The building features 32’ clear height, 190’ deep truck courts, ESFR sprinkler systems, excellent logistical infrastructure and ample parking. The site is located in a designated Local Economic Revitalization Zone (LERTA). The Park is also home to the Bethlehem Intermodal Terminal.
"The (Lehigh) Valley has seen consistently strong demand for modern, bulk distribution product coupled with very limited availability on the ground. We are excited to have been able to capitalize on this trend and we are especially pleased with welcoming Primark to our portfolio." said Joe Zingaro, Asset Manager with Clarion Partners.
CBRE’s Joe McDermott represented the tenant while Jake Terkanian and Vincent Ranalli represented ownership in the transaction.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of September 30, 2014, Trammell Crow Company had $5.1 billion of projects in process and 2.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.
About Clarion Partners
Clarion Partners has been a leading U.S. real estate investment manager for 32 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England, as well as a presence in Mexico. With more than $30 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. The Firm’s industrial footprint is comprised of nearly 99 million square feet across 43 markets across the U.S., Mexico and Brazil.