A plan by Newland Capital Group will bring 1.2 million square feet of modern industrial space to 3379 Pocono Summit Road in Mount Pocono. — Courtesy: JLL
By Joshua Burd
A national investor has acquired an 85-acre development site in Pennsylvania, about 20 miles outside New Jersey, with plans to build 1.2 million square feet of modern industrial space.
Brokers with JLL’s Northeast industrial team represented the buyer, Newland Capital Group, in the transaction at 3379 Pocono Summit Road in Mount Pocono. Construction is set to begin next month, the advisory team said, noting that an undisclosed tenant has preleased the building between Interstate 380 and Route 611.
Terms of the sale were not disclosed.
“This is an ideal site offering access to the nation’s most densely populated region, with over 24 million people living in the (New York, New Jersey, Connecticut, Pennsylvania) combined statistical area,” JLL’s Jeff Lockard said. “Newland Capital Group will bring an exceptional new development to one of the most sought-after industrial submarkets in the country and we are delighted to be a part of this exciting new venture.”
Lockard, an executive managing director, arranged the sale and negotiated the lease alongside Vice President Ryan Barros and Associate Kevin Lammers, working with Casey Mungo of DAUM Commercial. JLL Managing Director Steve Cooper represented the seller.
Located on the eastern edge of the northeast Pennsylvania industrial market, the facility will have 191 truck docks, four drive-in doors, 359 trailer stalls and parking for 426 vehicles. It will also give the user a large presence in a core industrial market that has drawn other major occupiers and investors.
Completion is slated for early 2024.
“We are delighted to bring our expertise in the industrial market to a job-creating project that will contribute to the Poconos economy while providing vital logistics space at the heart of one of the world’s most densely populated markets,” said Ty Newland, managing principal of Newland Capital Group.
