5-25-12

2B — May 25 - June 7, 2012 — Industrial / Distribution Centers — Mid Atlantic Real Estate Journal www.marejournal.com I NDUSTRIAL R EAL E STATE & D ISTRIBUTION C ENTERS

Warehouse nears completion at Lehigh Valley Tradeport Griffin Land set to deliver first of two industrial buildings in Bethlehem, PA

riffin Land, the real estate division of Grif- fin Land & Nurseries,

Drive’s completion at the end of May. We believe this 228,000 s/f warehouse will be one of the first speculative industrial projects in the Lehigh Valley since 2008.” Tim Lescalleet, senior VP for Griffin Land and head of its leas- ing activities commented, “We have seen a significant amount of interest in the property since construction commenced and remain very confident that 4275 Fritch Drive will be leased in the near future. The building’s specifications meet or exceed today’s market standards with pre-cast construction, 32 foot clear-height, 52 foot by 50 foot column spacing, 2 drive-in doors, capacity for 53 loading doors and excess trailer park- ing.” According to Sean Bleiler, senior associate for CB Rich- ard Ellis, “The Lehigh Valley market has experienced strong absorption trends over the last eighteen months and availabil- ity of modern warehouse space remains very tight. The Lehigh Valley Tradeport provides the market with much needed new construction, particularly in the eastern end of the Valley” Griffin also has completed the pad and infrastructure for the second building within LVTP which will support an approxi- mate 300,000 s/f, rail-served warehouse. Added Gamzon, “we remain optimistic about the growth in demand for industrial and warehouse space in the Lehigh Valley and continue to seek build-to-suit opportuni- ties for this building as well as continually evaluate our plans to go vertical on speculation at this site.” Growth Strategy In addition to its present development activities, Grif- fin seeks new acquisition and development opportunities in the area. “We view Lehigh Val- ley Tradeport, along with our warehouse on Nestle Way in Allentown, as the first steps in a long term strategy to expand into markets outside of our core holdings in Connecticut. We seek acquisition opportunities of industrial real estate assets in the Northeast and Middle Atlantic States,” said Gamzon. “Griffin’s objective is to remain a long-term owner, developer and manager in the markets in which it enters, with a focus on acquiring a balance of value added and stabilized, modern industrial properties and land for development.” ■

Lehigh Valley Tradeport – 4275 Fritch Drive The Lehigh Valley Tradeport is a rail served industrial park located off Brodhead Rd., just minutes from Rte. 22 and key Lehigh Valley Rd.ways includ- ing I-78, I-476 and Rte. 33. The Brodhead Rd. area is home to over 6 million s/f of indus- trial space and includes tenants such as Kraft Foods, OSRAM Sylvania, Americold, Crayola, Walgreen’s and FedEx. Michael Gamzon, executive VP and COO for Griffin said, “We are excited to deliver our first development project in the Lehigh Valley with 4275 Fritch

Inc. is nearing completion of a 228,000 s/f warehouse building at the Lehigh Valley Tradeport, its 51 acre site on Fritch Dr. in Bethlehem, PA. Griffin Land en- tered the Pennsylvania market in 2010 with the purchase of two properties in the Lehigh Valley; a 120,000 s/f warehouse in Al- lentown and a “shovel-ready” parcel of land for development on Fritch Drive which has be- come the Lehigh Valley Trade- port industrial park (LVTP). Adjacent to the first LVTP build- ing nearing completion, Griffin

Land has prepared the building pad for an approximate 300,000 s/f building. Development of LVTP is part of Griffin’s long term strategy to increase its

ownership, development and management of properties in in the Lehigh Valley and other Northeast and Middle Atlantic regions.

BUILDING 1 NEARING COMPLETION

51-Acre Industrial Park For Lease or Build-to-Suit

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