PA: Herring Properties to Break Ground on 80,000 Sq. Ft. Bristol Warehouse
14 Feb, 2018
Herring Properties announced that walls are already up on a high-tech new 80,000-Square-Foot warehouse at 2151 Green Lane, part of the 81-acre Bristol Commerce Center (BCC). The new facility, to be completed this spring, will be the fourth building at BCC.
With 30-foot clear height and ESFR sprinkler, the modern building is divisible for up to three tenants. Herring already has plans underway to break ground later this year on another free-standing building on a 250,000-Square-Foot pad within its fast-growing BCC campus.
Located strategically at the crossroads of the Pennsylvania Turnpike, the New Jersey Turnpike, I-95 and Route 1, 2151 Green Lane is the only new building on the market in Bucks County for companies seeking new light manufacturing, distribution and warehouse space. Owned by a partnership run by Herring Properties, the BCC campus is one of only a few in Bucks County to receive official KOEZ designation from the State of Pennsylvania.
“We are excited to move forward with this modern and flexible warehouse on our well-situated campus,” said Jamie Herring, Bristol Commerce Center’s Owner/Developer. “The KOEZ designation, and the accessibility of Bristol Commerce Center yards from the PA Turnpike (I- 276), makes our expanding site a uniquely appealing option for tenants.”
Prospective tenants will join Airgas Safety, Goodyear Tire Company, Pet Valu, XPO Logistics, DS Waters and Turtle and Hughes in taking advantage of the site’s Keystone Opportunity Expansion Zone (KOEZ) designation.
In addition to the KOEZ tax benefits, strategic location, and flexible uses, the park is equipped with data center power capacity making it ideal for data center users who require power, connectivity and location. Moreover, permits and approvals and pads are in place for all the proposed buildings, cutting about one year off the project time.
About Keystone Opportunity Expansion Zones Benefits
Keystone Opportunity Expansion Zones (KOEZ) are geographic areas that are virtually free of state and local taxes, providing businesses with one of the most powerful market-based incentives eliminating taxes. These include up to 100% abatement of state taxes such as corporate next income tax, personal income tax and sales and use tax and local taxes such as sales tax, and property tax. A KOEZ is also given priority for various state and local community-building assistance programs. The designation will run through 2022.
Background - Bristol Commerce Center
This property was formerly a 400,000 square foot factory owned by 3M. Herring Properties acquired it in 2002 and redeveloped it as a multi-tenant commerce park. Four additional lots were subdivided and an additional 640,000 square feet of industrial space was approved. The property has maintained 100% occupancy of existing buildings from shortly after completion. Colliers International’s Andrew McGhee is the exclusive leasing agent for Bristol Commerce Center.
About Herring Properties
Herring Properties, and its affiliates, have owned, developed and managed over 1,500,000 SF of space in Pennsylvania, New Jersey and New York. The principal, Jamie Herring, has over 30 years of real estate experience in these markets. In addition to Bristol Commerce Center, which includes a 400,000 SF industrial renovation and over 600,000 SF of development land, the partnership owns an industrial building in Newtown, Pa, an office parcel on intersection of I-95 and Scotch Road in Ewing, New Jersey. Herring has also redeveloped two buildings totaling 63,000 SF in downtown Princeton on the former site of Princeton Hospital, and leased to a range of tenants including a venture capital company, medical offices, financial firm mixed with retail uses such as a new restaurant, gym and Yoga studio. For more information visit http://www.herringproperties.com.