Trammell Crow Company (TCC) and its partner, Allstate, through real estate investment manager CBRE Global Investors, have commenced construction on Humboldt East Trade Center, a 440,504-square-foot speculative warehouse building within Humboldt Industrial Park in Hazle Township, PA. Construction is scheduled to be completed in Q1 2018.
“We are thrilled to partner with Allstate and its investments team to deliver a world-class building to Humboldt Industrial Park,” said Andrew Mele, Managing Director in TCC’s Northeast Metro Business Unit. “Humboldt’s location in the heart of the I-78/I-81 Industrial Corridor has proven to be one of the best logistical locations for warehouse and distribution facilities in the northeast United States.”
The project enjoys extensive frontage along I-81 and will feature 36-foot clear building heights, ample employee and trailer parking, and a flexible design that can accommodate multiple tenants served by separate entrances. Another unique design feature is the capability to provide rail service to the building to accommodate rail requirements.
“We believe building new industrial product in strong markets such as this will position Allstate for attractive returns, while also helping local communities thrive,” said Mike Moran, Managing Director of Real Estate Equity at Allstate. “Humboldt East has been carefully designed to meet the needs of this market and is another great development generated through our successful relationship with TCC.”
At more than 14 million square feet, Humboldt Industrial Park is one of the largest industrial parks in Pennsylvania and home to several high-profile tenants. Humboldt is well-positioned in the I-78/I-81 Corridor with proximity to metropolitan markets including Philadelphia, New York City, Baltimore, Washington DC, Pittsburgh and Boston. With immediate access to and visibility from I-81 and I-80, as well as a strong labor force, tenants can reach every major northeast city within 5.5-hour drive.
”This project represents another compelling collaboration with Trammell Crow Company and CBRE to help our client, Allstate, expand their investment in this sector,” said Mike Everly, Portfolio Manager, CBRE Global Investors-Americas.
CBRE’s Sean Bleiler and Bill Wolf will handle project leasing and marketing.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties. Allstate’s real estate investments group has decades of experience and looks for strong risk-adjusted opportunities across geographies in the United States and internationally, and in a range of investment vehicles, such as joint-ventures, directs, funds, and co-investments. Allstate’s real estate investments include multi-family, industrial, office, retail, and niche-sector properties. For more information, please visit www.allstateinvestments.com.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of June 30, 2017, TCC had $5.9 billion of projects in process and $5.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). For more information, visit www.TrammellCrow.com.