Get instant alerts when news breaks on your stocks. Claim your one week free trial for StreetInsider Premium here.
LEBANON, Pa., Aug. 11, 2022 (GLOBE NEWSWIRE) — Transwestern Development Corporation (TDC®) and its financial partner, QuadReal Property Group, announce the completion of a custom construction project comprising more than 400,000 square feet on behalf of Walmart in Lebanon, Pennsylvania. The facility, located near Interstate 81 and Heilmandale Road, will serve as the company’s second high-tech consolidation center in the United States and is slightly larger than its first 340,000-foot high-tech consolidation center squares in Colton, California.
“Success in the e-commerce space depends on maximizing supply chain efficiencies while continuing to meet consumer expectations, and we pride ourselves on providing a facility that accommodates sophisticated technology. that Walmart incorporates into its logistics operations,” said Brian Banaszynski, North-East Regional Partner at TDC. “Walmart is well positioned to succeed in a region where industrial vacancy is tightening due to increased demand, particularly from big-box retailers.”
According to Transwestern research, nearly 6.3 million square feet of industrial space was absorbed in central Pennsylvania in the first half of 2022, after more than 10 million square feet of occupancy growth in the area of 292 million square feet last year. As a result, the vacancy rate dropped to 2.7%.
The Consolidation Center is intended to receive, sort and ship freight to Walmart’s regional fulfillment centers, reducing the number of shipments.
Currently, TDC has 51 industrial projects totaling 34.14 million square feet under construction, pre-development, or recently delivered nationwide, including more than 8.98 million square feet in the Northeast. .
Images available for download here.
About QuadReal Real Estate Group
QuadReal Property Group is a global real estate investment, operation and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. Since its founding in Canada as a full-service real estate operating company, QuadReal has expanded its equity and debt investment capabilities in both public and private markets. QuadReal invests directly, through programmatic partnerships and through operating companies in which it holds an equity interest.
QuadReal seeks to deliver strong returns on investment while creating sustainable environments that deliver value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value by executing development projects for itself, its partners and valued customers across the United States. Part of the Transwestern Companies, the diversified firm develops logistics, multi-family, office, mixed-use and healthcare properties, with a pipeline of projects underway or completed since 2012 exceeding $9.07 billion.
Transwestern Private Companies have been providing a superior level of personalized service and innovative real estate solutions since 1978. Through an integrated, personalized approach that starts with great ideas, the company creates value for clients in commercial real estate services, development , investment management. , and opportunistic efforts for wealthy investors. Operating from 33 offices across the United States, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural and business expertise fuels creative solutions. Learn more about transwestern.com and @Transwestern.
Monica Sparreo Transwestern 312.881.7059 [email protected]
Source: Transwestern Development Corporation