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Lebanon, PA, Aug. 11, 2022 (GLOBE NEWSWIRE) — Transwestern Development Company (TDC)®) and its equity partner, QuadReal Property Group, announce the completion of a 400,000+ square foot build-to-let project on behalf of Walmart in Lebanon, Pennsylvania. The facility, located at Interstate 81 and Hillmandale Road, will serve as the company’s second high-tech consolidation center, slightly larger than the first 340,000-square-foot high-tech consolidation center in Colton, California.
“Success in the e-commerce space is focused on increasing supply chain efficiency while meeting consumer demand, and we are proud to offer the advanced technology Walmart is incorporating into its logistics operations,” said Brian Banaszynski, Northeast Regional. Partner at TDC. Walmart is particularly well-positioned for success in a region where industrial vacancy is shrinking due to demand from big-box retailers.
According to Transwest research, nearly 6.3 million square feet of industrial space will be absorbed in Central Pennsylvania in the first half of 2022, following more than 10 million square feet of residential growth in the region’s 292 million square feet last year. As a result, the vacancy decreased to 2.7%.
The consolidation center is intended to receive, sort and ship shipments to Walmart’s regional distribution centers, reducing freight volume.
Currently, TDC has 51 industrial projects totaling 34.14 million square feet under construction, including over 8.98 million square feet in the Northeast.
Images are available for download here.
About QuadReal Property Group
QuadReal Property Group is a real estate investment, operating and development company headquartered in Vancouver, British Columbia. Assets under management total $67.1 billion. Since its inception as a full-service real estate operating company in Canada, QuadReal has expanded its capabilities to invest in both equity and debt in the public and private markets. QuadReal invests directly, through programmatic partnerships and proprietary operating systems.
QuadReal seeks to deliver strong returns on investment by creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence is here to stay.
www.quadreal.com
About Transwest Development Company
Transwestern Development Company (TDC®) creates value by executing development projects for itself, its partners and valued customers throughout the United States. Part of Transwest Companies, its diverse businesses develop logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in progress or completed as of 2012 worth more than $9.07 billion.
Privately held Transwester Companies has been providing a high level of personalized service and innovative real estate solutions since 1978. With an integrated, customized approach that starts with good ideas, the firm drives value for clients in commercial real estate services, development, investment management. , and favorable efforts for high net worth investors. Operating from 33 U.S. offices, Transwester expands its platform capabilities globally through strategic alliance partners whose unique geographic, cultural and business expertise fuels innovative solutions. Learn more at transwestern.com and @Transwestern.
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400,000+ SF build-to-fit in central Pennsylvania
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