874,126 SF Spec Distribution Building Has Future Expansion to over 1 MSF
Fredericksburg, PA – April 5, 2016 - USAA Real Estate Company (USAA RealCo) and partner Trammell Crow Company (TCC), announce the completion of Lebanon Valley Distribution Center (LVDC), a new Class A warehouse/distribution building totaling 874,126 square feet in Fredericksburg, PA. The project marks the third project completion in the region between USAA RealCo and TCC.
“We are pleased to be completing our third industrial/logistics project with the Trammell Crow team in Central Pennsylvania,” said Len O’Donnell, President and Chief Executive Officer of USAA RealCo. “This facility provides state-of-the-art design and excellent accessibility in a market poised for additional growth.”
LVDC totals 874,126 square feet, and has expansion capability up to 1,079,926 square feet. The cross-docked facility includes design features that include 36’ clear height, ESFR sprinklers, 123 dock doors (expandable to 155) and above-standard car and trailer parking. LVDC also is approved for a Local Economic Revitalization Tax Assistance (LERTA) 10-year tax abatement commencing in the first full year after the property has been completed.
“We are thrilled with the completion of Lebanon Valley Distribution Center, a unique project that is strategically located within the Central Pennsylvania industrial market.” said
Andrew Mele, Managing Director with Trammell Crow Company’s
NE Metro Business Unit. “The ability to offer meaningful expansion opportunities in a project is almost unheard of in east coast industrial markets. This expansion, combined with tax advantages and a best-in-class design, will be highly-attractive for many sophisticated tenants.”
LVDC is less than a mile from I-78 with excellent access to the I-81/I-78 interchange. It is also strategically located within 400 miles of high-consumer cities like Philadelphia, Baltimore, New York, Washington D.C., Pittsburgh and Columbus.
Jason Webb and Maria Ratzlaff with JLL are the leasing agents for the building.
About USAA Real Estate Company
USAA Real Estate Company was founded in 1982 as the real estate investment arm of USAA. With approximately $15 billion in assets under management, the company provides co-investment asset management services to U.S. pension funds, as well as to foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, medical office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. Our commitment to service and integrity reflects the core values put in place 93 years ago by our parent company, a trusted worldwide insurance and financial services organization.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of December 31, 2015, TCC had $6.7 billion of projects in process and $3.6 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, through its operating subsidiary High Street 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.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). For more information visit www.TrammellCrow.com.
