LEBANON, PA, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Transwestern Development Company (TDC®) and its equity partner, QuadReal Property Group, announce the completion of a build-to-suit project comprising 400,000+ square feet on behalf of Walmart in Lebanon, Pennsylvania. The facility, located off Interstate 81 and Heilmandale Road, will serve as the company’s second high-tech consolidation center in the U.S., and is slightly larger than its first 340,000-square-foot high-tech consolidation center in Colton, California.
“Success in the e-commerce space hinges on maximizing supply chain efficiencies while continuing to meet consumers’ expectations, and we are proud to deliver a facility that accommodates the sophisticated technology Walmart is incorporating across its logistics operations,” said Brian Banaszynski, Northeast Regional Partner at TDC. “Walmart is well-positioned for success in a region where industrial vacancy is tightening due to increased demand, especially from big-box retailers.”
According to Transwestern research, nearly 6.3 million square feet of industrial space was absorbed in Central Pennsylvania during the first half of 2022, following more than 10 million square feet of occupancy growth within the 292-million-square-foot region last year. As a result, the vacancy rate dropped to 2.7%.
The consolidation center is intended to receive, sort and ship freight to Walmart’s regional distribution centers, reducing the number of shipments.
At present, TDC has 51 industrial projects totaling 34.14 million square feet under construction, in pre-development or recently delivered nationwide, including more than 8.98 million square feet in the Northeast.
Images available for download here.
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $9.07 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
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