BUILD-TO-SUIT AVAILABLE FOR 1.4 MILLION-SQUARE-FOOT FACILITY
Higgins Development Partners recently purchased 85.54 acres at Arcadia North Business Park in Coolbaugh Township, Pennsylvania, from Arcadia Properties, LLC. The property can accommodate a warehouse/distribution center as large as 1.4 million square feet, which Higgins will market on a build-to-suit basis. As owner of Arcadia North Business Park, Arcadia Properties, LLC will remain a partner in this development venture.
The Garibaldi Group/CORFAC International team of Michael Bartolacci, senior vice president; Jeffrey Garibaldi, president; and Gerald E. Moore, managing director; represented both Higgins Development Partners and Arcadia Properties, LLC. in this transaction.
“Higgins Development Partners is pleased to announce this land purchase in Arcadia North Business Park,” said Gene Preston, senior vice president. “Arcadia North is one of the most prestigious business parks in the State. We are in the process of planning a first-class warehouse/distribution facility for the site. This investment reflects our strategy of continuing to invest throughout Pennsylvania, an area we regard as having tremendous growth potential.”
Michael Bartolacci added, “We are proud to have completed this sale on behalf of both Higgins and Arcadia. Located on Route 611, Arcadia North Business Park offers tenants an excellent location with access to all major Pennsylvania cities, as well as New Jersey and New York. Pennsylvania continues to receive interest from an outstanding caliber of development companies like Higgins.”
Arcadia North Business Park is a 3.5 million-square-foot mixed-use business park located on over 600 wooded acres. Located on Route 611 in the Pocono Mountains, the facility is in close proximity to Interstates 80, 380, 81, 33, 84 and 476; adjacent to the Pocono Mountain Municipal Airport, within one hour of the Lehigh Valley International Airport and the Wilkes Barre/Scranton International Airport; and is less than two hours from New York City and Philadelphia. The park has Local Economic Revitalization Tax Assurance (LERTA) status, and Higgins' site is adjacent to the recently announced 1.6 million-square-foot, build-to-suit for Johnson & Johnson Sales and Logistics Co. LLC. The Coolbaugh Township area is home to Aventis Pasteur, a worldwide vaccine manufacturer, and the park is adjacent to a 1.2 million square foot WalMart distribution center.
About Higgins Development Partners Higgins Development Partners delivers comprehensive real estate development services to a wide range of corporate, institutional and public sector clients throughout North America. Since 1980, Higgins Development Partners has created over $5.0 billion of development value. Projects include office and industrial buildings; life-science and technology facilities; government and institutional facilities; bio-medical laboratories; law enforcement and other highly secure facilities; and mixed-use land development projects.
Higgins Development Partners has a national platform for both public and private sector development activities. Headquartered in Chicago, the company also has offices in Morristown, New Jersey; Miami and Orlando, Florida; Newport Beach, California; Phoenix, Arizona; Washington, DC; and Toronto, Canada.
