WEST CONSHOHOCKEN, Pa., Jan. 28 /PRNewswire-FirstCall/ --
Keystone Property Trust (NYSE: KTR) (the "Company" or "Keystone") announced
today that it will begin development on a 523,295 square feet ("SF") build-to-
suit distribution facility on a 50.4 acre site in the Humboldt Industrial Park
in Hazleton, PA. Keystone is acting as the developer for Humboldt Realty,
L.P., the facility owner, and will not have an ownership interest in the
project. Romark Logistics Inc. ("Romark") will operate and occupy the
facility after completion and distribute packaged consumer goods from the
Romark Logistics Inc. is a privately held company that has been a leader
in the warehouse and distribution business for almost 50 years. Romark
maintains over 3 million square feet of modern warehouse and distribution
space in the U.S. and Canada and provides storage, distribution,
transportation, and other value added logistics services to its customers.
The 523,295 SF distribution facility, which is expected to be delivered in
the fourth quarter of this year, will have future expansion capability. The
facility will be a refrigerated/climate controlled distribution center
providing over 70,000 pallet positions and is rail-served. Additional
features include 40' clear ceiling height, ESFR fire protection system, a
state-of-the-art security system and a 200-trailer drop lot capacity.
The property is strategically located just off I-81 at Exit 143, with
close proximity to the I-80 interchange. Located in a designated Keystone
Opportunity Expansion Zone ("KOEZ"), the site enjoys economic development
incentives through the state, in which occupants are exempt from many state
and local taxes through 2013. Keystone worked with CANDO, the Greater
Hazleton Economic Development Agency, to facilitate the pre-development and
economic incentive aspects of the project.
Whiting-Turner, a financially independent, Baltimore, MD-based general
contracting firm with offices nationwide, is serving as the design-build
contractor on the project. St. Onge Ruff and Associates of York, PA, a full-
service engineering firm dedicated to serving the food, storage and
refrigeration industries, is the design engineer, and Quad Three Group, Inc.,
a full service architectural, engineering and environmental firm, with offices
in Hazleton, is the civil engineer.
A. Donald Chase, Jr., Senior Vice President - Investments of Keystone,
commenting on the transaction, stated, "This development is an excellent
opportunity for Keystone to deliver a state-of-the-art big box distribution
center to a high quality tenant. Not only is the site at the crossroads of
the Eastern United States distribution corridor, it is also at the "front
door" to the Humboldt Industrial Park, a 2,600-acre industrial park developed
by CANDO. Sophisticated users of today's distribution space look for
buildings that among other attributes have highly efficient storage capacity,
easy transportation access and are supported by the local community through
economic incentives. We are pleased to be rolling-out another project that
meets these demands and further demonstrates Keystone's build-to-suit
experience. Additionally, we are proud to be a part of a development that
will create approximately 150 jobs in the Hazleton area."
Marc D. Lebovitz of Romark Logistics Inc., commenting on the transaction,
stated, "After extensive sub-market reviews all over Pennsylvania, we chose
Hazleton due to its strategic highway access, tax and labor incentives, and a
loyal and available labor force which a company like ours relies on,
especially when entering a new market."
The development of the project is being spearheaded by A. Donald Chase and
Greg Bradley, Director of Construction, of Keystone.
Keystone Property Trust, with headquarters in West Conshohocken,
Pennsylvania, is a fully integrated real estate investment trust with a
current portfolio of 97 properties aggregating in excess of 21 million square
feet in the Eastern United States. For more information, contact Aleathia M.
Hoster at (212) 527-9900, send email to email@example.com or visit the
Company website at www.keystoneproperty.com
This press release may contain statements which constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding the intent, belief or current
expectations of the Company, its trustees, or its officers with respect to the
future operating performance of the Company and the result and the effect of
legal proceedings. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from those in the
forward looking statements as a result of various factors. Important factors
that could cause such differences are described in the Company's periodic
filings with the Securities and Exchange Commission, including the Company's
Form 10-K and quarterly reports on Form 10-Q.
SOURCE Keystone Property Trust