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Distribution Centers and Hundreds of Jobs Coming to Blakeslee

07.31.2017

Blakeslee, PA - A 273 acre commercial site in New Ventures Commercial Park, located just off the I-80 Blakeslee exit, located in Monroe County PA, was purchased on Thursday for the eventual development of warehouse and distribution facilities.

 

 

Exeter Property Group of Conshohocken was the buyer. They are a third party developer that builds these types of facilities and leases them out.

 

The property, which sold for $12.5 million, has the approvals to build over two million square feet of industrial warehouse distribution space between two separate buildings on two lots.

 

“It’s great news for our area,” Michelle Bisbing of Penn's Northeast member,  Pocono Mountains Economic Development Corporation said. “Available inventory for industrial buildings is pretty slim to none right now. We don’t have any buildings of that size, so for them to build a building at that size is fantastic.”

 


"Besides the manpower to build the facility, the project is expected to create 300 to 400 jobs," Bisbing said.


 

The purchase was for two of the larger properties in the back of the industrial park. One is about 180 acres and the second is about 47 acres. Exeter will build a one million plus square foot facility on the larger property in the first phase of the development of the project.

 

Michael J. Baxter, CCIM and broker/owner of Penn's Northeast member, Michael Baxter & Associates Commercial Real Estate represented the seller, S.I.D.E. Corporation of Blakeslee in the transaction.

 

“This has been a long time coming, starting back in 2006,” Baxter said. “There were many hoops to jump through with getting permits, approvals and dealing with the entire permitting process. Amazing effort and co-operation between the sellers and the Pocono Mountains Economic Development Corporation helped make this a reality.”

 

Exeter is a large real estate investment management firm specializing in the acquisition, development, leasing, and management of industrial and related business park properties across the U.S. and Europe. It does it through an array of value added and core return private equity investment vehicles.

 

“The development of this property took place, over several years,” Bisbing said. “Exeter was a recent party in the process. There was a lot of work done prior to that with permitting.” Among them are some road improvements including turning lanes and a traffic signal entering the park

 

The park’s current tenants include a Best Western hotel at the entrance to the park, the Pennsylvania State Police Fern Ridge barracks, the Monroe County Municipal Waste Authority, Downes and Reader Hardwood and Pocono Mountain Dairies.

 


“The real positive thing about it is you have a private investor speculating on the area,” PMEDC Executive Director Chuck Leonard said. “Outside entities willing to invest in your marketplace is a real positive sign.”


 

According to Baxter, Exeter should begin construction soon and believes they have a national tenant.

 

“This sale, gives me double the satisfaction, once for providing significant value to my client and the other as Vice-Chair of the Pocono Mountains Economic Development Corporation. It’s a great day for jobs in Monroe County.” he said.


News Reference: http://www.poconorecord.com/news/20170730/new-warehouse-jobs-coming-to-blakeslee



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