LOWER NAZARETH, PA – March 14, 2016 – Joint venture partners Trammell Crow Company and Clarion Partners, a leading real estate investment manager, announce the acquisition of a 90-acre site located at 4815 Hanoverville Road in Lower Nazareth for the development of Lehigh Valley Trade Center. Construction on the project will commence later this month on two Class A speculative warehouse/distribution buildings totaling more than 1.2 million square feet. Clarion Partners has acquired the property on behalf of a commingled fund that it manages.
“This project benefits greatly from its strategic location on the east side of the Lehigh Valley industrial market, with close proximity to a deep, high quality labor force as well as immediate access to what is perhaps the most important transportation infrastructure on the east coast,” said
Andrew Mele, Managing Director with Trammell Crow Company’s
NE Metro Business Unit. “TCC has a long history of delivering institutional quality, Class A industrial real estate in the Valley and we look forward to starting this new project.”
Building A will comprise 947,000 square feet with cross-dock loading, 36-foot clear height, capacity for over 240 loading dock doors and car and trailer parking ratios that are well above current market standards. Building B will total 297,000 square feet with rear loading and 32-foot clear height.
“This is our third speculative industrial project with TCC in this area,” said Joe Zingaro, Vice President with Clarion Partners. “This market has all the fundamentals to support a project of this size and quality; demand for Class A industrial space in the Lehigh Valley remains very strong across a variety of size ranges. The flexible, two-building design will allow us to see a diverse mix of tenant requirements.”
The project’s location along Route 22 in the Lehigh Valley provides immediate access to I-78 and I-476. The existing highway infrastructure allows users to easily reach New York, Philadelphia and the rest of the Northeast.
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 nearly 2,600 buildings valued at nearly $60 billion and over 540 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 2014 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 $40 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 more than 116 million square feet across 43 markets across the U.S., Mexico and Brazil.
More information about the firm is available at www.clarionpartners.com.
