Jessup Logistics Center secured full-building lease prior to completion

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.

Jessup Logistics Center

“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.