First Industrial Realty Trust, Inc. announced that construction is underway for a 358,000 square-foot industrial facility within the First State Crossing master-planned development in Claymont.
The facility is being built on 28 acres of land that First Industrial purchased from Commercial Development Company, Inc. earlier this year.
The former Evraz-Claymont steel mill site is being redeveloped.to include industrial, office, retail, and residential projects.
Anchoring the development is a newly constructed transit hub which will connect First State Crossing to Philadelphia and other metropolitan areas via SEPTA train service fed by DART buses.
The entire project was recently honored with a 2023 CoStar Impact Award for the Philadelphia market based on the significant potential financial impact of this project for the state of Delaware.
The total estimated investment for the distribution center is $60.5 million with completion expected in the first quarter of 2024.
“We are excited that our facility is the first commercial component within the First State Crossing development and construction is off to an excellent start,” said John Hanlon, executive director for First Industrial. “The Northern Delaware industrial market along the I-95 corridor is seeing strong tenant demand due to its infill location serving the Mid-Atlantic consumption and efficient highway access to customers up and down the East Coast.”
Northern Delaware has a near-zero vacancy rate for industrial-distribution space. That has led developers to build “spec” buildings without an announced tenant.
The Claymonth building’s flexible design positions First Industrial to accommodate supply chain requirements for a single tenant or multiple users across a range of industries.
The CBRE team of Dan Rattay and Drew Green will assist First Industrial with the leasing of this project. Construction is being led by Blue Rock, as the general contractor, and Joseph V. Belluccia is the architect.
First Industrial Realty Trust, Inc. is an owner, operator, and developer of industrial real estate. The company has 9.1 million square feet of industrial space in the region. Further information is available at www.firstindustrial.com.
