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 facility. 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