Bristol Commerce Center Brings New Economy Jobs to Bristol Township, PA with High-Profile Tenants like Urban Outfitters (Nuuly), Airgas and PetValu
Herring Properties announces fully leased Bristol Commerce Center, adding jobs and economic development to an eastern PA urban center
LEVITTOWN, Pa., Oct. 31, 2019 /PRNewswire-PRWeb/ -- Herring Properties, a real estate development company focused on construction and long-term ownership of properties in New Jersey and Pennsylvania, today announced that its 80-acre property, Bristol Commerce Center, has reached 100% occupancy. The milestone marks a significant step in the town's economic growth and development.
Bristol Commerce Center, which Herring Properties purchased in 2002 after having long served as a 3M facility for 50 years, features five lots and buildings totaling over one million square feet. Prior to 3M, the property was owned by Kaiser Fleetwing where war airplanes were manufactured for WWII and were flown off of the onsite runway.
Herring Properties totally renovated the original 365,000-square-foot building into a multi-tenant building, which it fully leased out. Upon that occupancy, Herring focused on the excess land the property afforded, and constructed four brand new state-of-the-art distribution buildings.
The first was a 250,000-square-foot build to suit headquarters and distribution center for the Airgas Safety division of Airgas Corporation. The second building, anchored by Goodyear, is a 70,000-square-foot multi-tenant building. Hughes Enterprises fully occupies the third building of 80,000-square-feet.
Other tenants in the complex include XPO Logistics, Pet Valu and Turtle and Hughes.
Over the last 19 years the site has been transformed from a heavy industry factory complex and now stands as a prime example of the creative 21st century new economy.
"The site presented us with an opportunity to transition an old 1950's factory and former runway into a multi-tenanted warehouse and distribution center. This site at one point had 800 factory jobs which left the state," said Jamie Herring, Principal, Herring Properties. "I'm proud that we've been able to create a series of buildings to attract new industries and bring back jobs.
Today Bristol Commerce Center is fully occupied, with over 1,000 onsite employees with the number expected to rise by several hundred employees as each of the industries scale into their space."
Nuuly, an innovative clothing rental subscription service from Urban Outfitters, is the newest tenant, leasing a 309,000-square-foot industrial facility. Since opening this summer, Nuuly has created 100 jobs and plans to bring in approximately 200 to 300 more in the future.
"Bristol Commerce Center has breathed new life into the old 3M facility and ultimately, our town. New jobs mean more people frequenting our restaurants, stores and main streets. We're excited to see the next chapter of this site's history unfold," said Council President Craig Bowen, Bristol Township.
The successful leasing of the center can be attributed, in part, to Bucks County commissioners, Bristol Township council, and school board members all supporting the Keystone Opportunity Expansion Zone (KOEZ) designation for the Bristol Commerce Center in 2012. The designation, used to revive economically challenged communities, means that tenants of the center do not have to pay real estate taxes on improvements, state sales tax and state corporate tax through 2022.
"Our main goal when developing properties is to attract high quality business tenants who can have a long-term presence that deliver jobs and economic growth to towns," said Herring. "We were confident that the KOEZ designation, combined with our strategic Bristol location for transport and logistics, would be very attractive to potential tenants. Reaching 100% occupancy confirms that notion."
"We couldn't have asked for a better location than the Bristol Commerce Center. With the Pennsylvania Turnpike, the New Jersey Turnpike, I-95 and Route 1 nearby, all of our transportation and logistics requirements were met while creating an easy commute for all our employees," said David Ziel, Chief Development Officer, Urban Outfitters.
Background - Bristol Commerce Center
This property was formerly a 400,000 square foot factory owned by 3M. Herring Properties acquired it in 2002 and redeveloped it as a multi-tenant commerce park. Four additional lots were subdivided, and an additional 710,000 square feet of industrial space was approved and built into modern high bay industrial buildings. Colliers International's Andrew McGhee is the exclusive leasing agent for Bristol Commerce Center.
About Herring Properties
Established in 2000, Herring Properties is a development company with a portfolio of 1.8M square feet of industrial, office, and residential space in New Jersey and Pennsylvania. The principal, Jamie Herring, has over 30 years of real estate experience in these markets. For more information visit http://www.herringproperties.com.
SOURCE Herring Properties
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