JESSUP, PA, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Transwestern Development Company (TDC®) and its capital partner, USAA Real Estate, announce the completion and lease-up of Jessup Logistics Center, a speculative state-of-the-art industrial project in Jessup, Pennsylvania. The joint venture acquired the 64-acre parcel in early 2021 and delivered the 750,000-square-foot facility in June 2022.
“Demand for top-notch industrial product beyond the Lehigh Valley has spurred electrifying growth along Northeastern Pennsylvania’s I-81 industrial corridor,” said Brian Banaszynski, Northeast Regional Partner at TDC. “Speed to market is critical for many tenants and acquiring a fully approved site enabled TDC to deliver a best-in-class facility in record time.”
According to Transwestern’s Mid-Year 2022 Elite 11 industrial report, the region’s industrial real estate market expanded by 2.6% during the past 12 months, adding 16.3 million square feet of new inventory. Still, the market remains constrained as the level of vacant space fell from 6.3% to 3.8% during the same period. As a result of this continued, accelerated leasing velocity, new construction starts within the region are at record highs and nearly double pre-pandemic levels.
Jessup Logistics Center features cross-dock configuration, 40-foot clear height, wide column spacing, and ample auto and truck parking.
At present, TDC has 51 industrial projects totaling 34 million square feet under construction, in pre-development or recently delivered nationwide, including more than 9 million square feet in the Northeast.
Cushman and Wakefield’s Daniel Walsh represented TDC in lease negotiations. Blue Rock served as the general contractor.
Photo available for download here.
About USAA Real Estate
Along with its affiliate companies, USAA Real Estate invests across the risk spectrum for a global client base, managing over $36 billion in net assets under management within a diversified portfolio across North America and Europe. USAA Real Estate provides strategic equity and debt capital, including to capitalize on the accelerating demand for technology-driven real estate assets, to meet the critical need for housing solutions, and for other market and capital structure opportunities exhibiting compelling risk-return characteristics. For more information, visit usrealco.com.
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 programs 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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