Today, Foxfield and Drake Real Estate Partners (Drake) are pleased to announce significant progress on their Class A industrial development, Lower Bucks Logistics Hub, bolstered by a $2.5 million grant from Pennsylvania’s Strategic Investments to Enhance Sites (PA SITES) program, administered by Governor Josh Shapiro and the Department of Community and Economic Development (DCED). The development is on track to deliver ahead of schedule, with the Northern and Southern Parcels expected by the end of 2024. The site has already generated strong and early interest from prospective tenants, surpassing expectations.
Foxfield and Drake’s Lower Bucks Logistics Hub received its $2.5 million grant by way of the Bucks County Industrial Development Authority. The PA SITES grant has expedited crucial infrastructure upgrades at the Class A site, which will deliver a total of 814,567 square feet of floor space across its Northern and Southern Parcels and offer employment opportunities in a range of industries such as warehousing, industrial machinery, and food manufacturing. The grant funding received has allowed for off-site transportation improvements, including the construction of a new fully signalized intersection with additional paved turning lanes, as well as stormwater management infrastructure, erosion and sedimentation controls.
Designed to meet the needs of modern logistics and distribution companies in the region, the Northern Parcel features a 361,457 SF rear-load building and Southern Parcel features a 453,110 SF cross-dock building. With easy access to I-295, I-95, Route 1 and Route 13, Lower Bucks Logistics Hub’s prime location in an established industrial corridor is already attracting a range of businesses looking for strategic access to key Northeastern and Mid-Atlantic markets. Once occupied, Foxfield and Drake expect the Lower Bucks Logistics Hub to generate hundreds of jobs for the local economy.
“Thanks to the leadership of Governor Shapiro and his team, Foxfield has been able to make significant progress on the Lower Bucks Logistics Hub, with crucial support coming from the $2.5M PA SITES grant received,” said Mark Tang, Head of Development & Construction at Foxfield. “We’re excited to further this project in partnership with Drake, which is already generating strong tenant interest, as it supports continued economic growth for the Commonwealth. Foxfield is committed to delivering a high-quality and strategically located industrial development in Bucks County that makes a lasting impact on businesses and the local community.”
“Drake is thrilled to see continued momentum at the Lower Bucks Logistics Hub with a $2.5M PA SITES grant, and we are grateful to Governor Shapiro and DCED for supporting this project,” said Jonathan Garonce, Partner & Head of Asset Management at Drake. “At Drake, we are committed to generating value through partnerships that translate into long-term relationships of mutual benefit, and our collaboration with Foxfield on this project is a prime example of that. We look forward to watching this site generate strong economic outcome for Bucks County.”
“The Lower Bucks Logistics Hub is a transformative project that aligns perfectly with our mission to drive sustainable economic growth through the redevelopment and repurposing of vacant sites in Bucks County,” said TJ Lonergan, Executive Director of the Bucks County Industrial Development Authority. “Thanks to the strategic support from the PA SITES program, Governor Shapiro, DCED, and our collaboration with Foxfield and Drake Real Estate Partners, we are seeing the impact of these infrastructure investments immediately. This development will not only attract businesses to the area but will also generate significant job opportunities, solidifying Bucks County’s position as a key player in the regional industrial economy.”
“The Shapiro Administration is thrilled to help spur regional job growth and economic development by supporting the Lower Bucks Logistics Hub with funding from the PA SITES program,” said Mandy Book, Deputy Secretary for Business Finance, Pennsylvania Department of Community and Economic Development. “The redevelopment and repurposing of sites like this one are key to positioning our Commonwealth to win more business investments, grow our economy, and create more jobs and thriving communities.”
For more information on the Lower Bucks Logistics Hub, please visit: www.lowerbuckslogisticshub.com
About Foxfield:
Foxfield is a real estate investment and development company that focuses on industrial and residential markets. Headquartered in Boston, with offices in Atlanta, New York, and Philadelphia, Foxfield searches for unique investment opportunities throughout the East Coast. To date, Foxfield has transacted on $1.5 billion in acquisitions and currently has $1.0 billion in the development pipeline with more than 7 million SF in assets under management or development. Opening its doors in 2011, Foxfield has established a successful track record investing across asset classes and risk spectrums.
About Drake:
Drake Real Estate Partners is a real estate investment manager based in New York City. Founded in 2012, Drake pursues a value-add strategy focused on undervalued assets, predominantly in high-growth secondary markets across the U.S., and targets opportunities that are “under the radar” of most capital sources (check sizes of $5-20 million). The team applies a playbook of asset-level, value-add strategies to achieve outsized risk-adjusted returns. To date, Drake has completed over $2.7 billion in transactions across a variety of geographies and property types. The firm has built a strong track record, predominantly in industrial and residential themes, including niche subsectors such as industrial outdoor storage (“IOS”) and manufactured housing.
