Opus East LLC has purchased 95 acres of land in Bethlehem, Pa., and Mercer County, N.J., to build1.4 million sq. ft. of warehouse space. Construction is scheduled to begin in the third quarter of this year and the first quarter of 2004, respectively. Combined land acquisition and project development costs for the two sites are estimated to exceed $55 million.
In Bethelehm, Opus acquired two contiguous parcels totaling 43 acres from Lehigh Valley Industrial Holdings and Jozef Atlas. No purchase price was disclosed. Opus plans to build three warehouse-distribution buildings averaging approximately 235,000 sq. ft. The building is scheduled for occupancy in the second quarter of 2004.
In Mercer County, Opus purchased 52 acres from a private landowner, and will build a 700,000 sq. ft. warehouse on the site that is expected to be available in the third quarter of 2004.