Mid Atlantic Real Estate Journal — Pennsylvania — October 11 - 24, 2013 — 7C
E astErn Pa
EtHlEHEM, PA — Griffin land an- nounced the signing of 1st building leased at lehigh valley tradeport, construction of 2nd building underway Kuehne + nagel, Inc. leases 228,000 s/f at Griffin land’s 4275 Fritch Drive, in Bethlehem B before its completion.” CBRE’s Lehigh Valley Office will con- tinue on as the leasing agent for the project.
a long-term owner, developer and manager in the markets in which we enter, with a fo- cus on acquiring both modern industrial properties and land for development.” The Lehigh Valley Tradeport is a 51-acre rail served indus- trial park located off Brodhead Rd. The Brodhead Rd. area is home to over 6 million s/f of industrial space and includes tenants such as Kraft Foods, OSRAM Sylvania, Americold, Crayola, Walgreen’s and Fe- dEx. The Lehigh Valley Trade- port consists of two buildings that total over 530,000 s/f. n
a long-term lease with Kuehne + Nagel, Inc. (“K+N”) for its 228,000 s/f facility at 4275 Fritch Dr., Bethlehem. In ad- dition, Griffin has commenced the second phase of the Lehigh Valley Tradeport with construc- tion underway on a 302,800 s/f single or multi-tenant, rail- served, industrial/distribution building at 4270 Fritch Dr., an adjoining property. Griffin Land built 4275 Frit- ch Drive, a 228,000 s/f ware- house located in Bethlehem’s Lehigh Valley Tradeport, “on spec” in 2012. “We elected to move forward with specula- tive construction to capitalize on our belief that demand would continue to improve in the Lehigh Valley at the same time that there was little com- parable supply available”, said Michael Gamzon , President and COO of the landlord’s par- ent company, Griffin Land & Nurseries, Inc. “Fortunately, this market view proved ac- curate.” K+N executed a lease in late May for the entire building and took occupancy in mid-July. The Kuehne +Nagel Group is one of the world’s leading logistics companies with over 63,000 employees located in over 100 countries. K+N en- tered the Lehigh Valley market to handle a third party logistics requirement for a Fortune 100 global healthcare company. CBRE’s Lehigh Valley office was the leasing agent for 4275 Fritch Drive and represented the landlord, a real estate sub- sidiary of Griffin Land. CBRE’s Global Supply Chain Team based in New Jersey acted as the leasing representative for Kuehne + Nagel, Inc. Construction of the 2nd build- ing at Lehigh Valley Tradeport is well underway with the building pad complete. 4270 Fritch Dr. consists of a 302,800 s/f industrial warehouse/distri- bution facility and offers 51’ x 54’ column spacing with a 60’ speed bay, 32’ clear-height and the capacity for 54 dock doors and 58 separate trailer parking spaces. The building can be constructed with rail access, as Griffin Land recently secured approval from Norfolk South- ern for a spur to the building. 4270 Fritch Drive is expected to be complete by the first quarter of 2014. “Like the first building, 4270 Fritch is being
Griffin Land continues to seek new acquisition and de- velopment opportunities. “We view our Lehigh Valley prop- erties - the Lehigh Valley Tradeport, our Jaindl Blvd. project in Hanover, and our warehouse on Nestle Way in Allentown - as the first steps in a long term strategy to expand outside of our original hold- ings in Connecticut and into various Northeast and Middle Atlantic States,” said Gamzon. “Griffin’s objective is to remain
4275 Fritch Dr.
senior vice president at Griffin Land. “We are pleased by the preliminary interest, and we would not be surprised if this building were to be pre-leased
built on spec and delivered into the market at a time where there are few leasing options available to 300,000 s/f us- ers”, said tim lescalleet ,
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