Trammell Crow Company recently purchased, a 90-acre site in the Valley View Business Park from the Scranton Lackawanna Industrial Building Company (SLIBCO), for the construction of Valley View Trade Center, a new, one million-square-foot speculative distribution facility. SLIBCO is the industrial development affiliate of the Greater Scranton Chamber of Commerce. This land sale marks SLIBCO’s largest since its creation.
“We are very pleased that a renowned developer like Trammell Crow Company has chosen to invest in our region—with our quality workforce, prime location and access to major markets— to create jobs and address the demands of the growing e-commerce industry,” said Bob Durkin, president, The Greater Scranton Chamber of Commerce. “We thank Jessup Borough, Valley View School District and Lackawanna County for approving the LERTA tax abatement program in order to make this deal possible.”
The state-of-the-art building, which is scheduled to be completed 3Q 2019, will feature 40’ clear height, 190’ deep truck court with opposing trailer storage, ESFR fire protection, 311 trailer parking spots, 277 car parking and 159 dock positions, expandable to 209. The project will also provide economic and tax incentives, qualifying as a Keystone Opportunity Expansion Zone (KOEZ) and for the Local Economic Revitalization Tax Assistance (LERTA) program. In addition, the project will serve as a Qualified Opportunity Zone (QOZ) to encourage long-term investment in the area.
“We are pleased to be working on this exciting project in Jessup Borough,” said Andrew Mele, Managing Director of Trammell Crow Company’s NE Metro Business Unit. “In addition to best-in-class design quality, the project will enjoy proximity to a strong, vibrant labor force and a strategic location with access to over 80 million consumers within an overnight drive.”
William Wolf, Max Wolf and Sean Bleiler with CBRE Allentown will handle the leasing and marketing of the project.