Higgins Development Partners, a Chicago-based real estate developer, has purchased 85.54 acres at Arcadia North Business Park in Coolbaugh Township, Monroe County from Bethlehem-based developer Arcadia Properties, LLC. The property can accommodate a warehouse/distribution center as large as 1.4 million square-feet, which Higgins will market on a build-to-suit basis. As owner of Arcadia North Business Park, Arcadia Properties, LLC will remain a partner in this development venture.
“Arcadia North is one of the most prestigious business parks in the state,” accord“ng to Higgins Development Partners Senior Vice President Gene Preston. “We are in the process of planning a first-class warehouse/distribution facility for the site. This investment reflects our strategy of continuing to invest throughout Pennsylvania, an area we regard as having tremendous growth potential.”
Arcadia North Business Park is a 3.5 million-square-foot mixed-use business park located on over 600 acres. Located on Route 611 in the Pocono Mountains, the facility is in close proximity to Interstates 80, 380, 81, 33, 84 and 476; adjacent to the Pocono Mountain Municipal Airport, within one hour of the Lehigh Valley International Airport and the Wilkes Barre/Scranton International Airport. The park has Local Economic Revitalization Tax Assurance (LERTA) status, and Higgins’ site is adjacent to the 1.6 million-square-foot Johnson & Johnson distribution center.
The Coolbaugh Township area is also home to sanofi pasteur, a worldwide vaccine manufacturer, and the park is adjacent to a 1.2 million-square foot WalMart distribution center.
Higgins Development Partners has a national platform for both public and private sector development activities. Projects include office and industrial buildings, life-science and technology facilities, government and institutional, bio-medical laboratories, law enforcement and other highly secure facilities, and mixed-use land development projects. Headquartered in Chicago, the company also has offices in New Jersey, Florida California, Arizona, Washington, DC and Canada.