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Pennridge Airport Business Park Welcomes Fres-co USA

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Innovative Flexible Packaging Manufacturer to Food & Beverage, Chemical and Pharma Markets to Now Occupying 101,920 SF in Perkasie

September 28, 2020 [Perkasie, PA] – On behalf of Pennridge Airport Business Park, Colliers is pleased to announce that inaugural tenant Fres-co System USA, Inc. has recently entered into a long-term lease for 101,920 square feet of new, modern industrial space located at 500 North Ridge Road, Perkasie, PA. The expansion is fueled by a surge of growth of the 42-year-old company. 

Pennridge Airport Business Park

Fres-co, headquartered in nearby Telford, PA, is a leading manufacturer of flexible packaging - the fastest growing segment of the packaging industry focused on more modern, cost-efficient and sustainable approaches, marking a departure from traditional rigid containers. Fres-co provides its flexible solutions across markets ranging from food and beverage to chemicals and pharma.  

“We welcome Fres-co System USA, Inc. as a substantial industrial anchor tenant to the Pennridge Airport Business Park. I am also delighted to share that site construction will begin immediately on the second 100,000 square foot building - as demand remains high for industrial space in and around the greater Philadelphia market.” shared Rob Brink, President of Pennridge Development Enterprises, Inc.

The Pennridge Airport Business Park is the crowning industrial development project on Perkasie’s Northern border along Ridge Road and adjacent to the Pennridge Airport. This $60 million project anticipates 600,000 square feet of modern industrial space across six buildings spanning 88 acres at full build out. 

“One of the key drivers for growth within the Greater Philadelphia industrial market is the demand for new, Class A space from  existing occupiers which need to accommodate growth within the market they currently occupy and can recognize the efficiencies of modern space. The long-term lease with Fres-Co System USA continues to illustrate this pent-up demand and why projects like the Pennridge Airport Business Park have a tremendous runway for success.” noted Tom Golarz, of the Colliers leasing team.

Brink further added “The Pennridge Airport Business Park is a long-term commitment in Perkasie Borough that will create and sustain new jobs and industry for many years as well as providing substantial new tax revenues for the area school district. We are proud the Pennridge Airport Business Park Development has funded and implemented a major safety improvement for the community by dramatically improving visibility on the Ridge Road and Tunnel Road intersection. I want to personally thank the Perkasie Borough Council and management for their support throughout this process.” 

Stephen Barth, Director of Economic Development Consultant for Perkasie Borough also shared “We welcome Fres-co Systems, USA to Perkasie Borough as a leading manufacturer and job creator for our community. The Pennridge Airport Business Park is a strategic investment in our community to court new high-tech manufacturing to Perkasie and to allow our existing specialty industries a space to continue to grow and expand within our community.”

Brink also offered sincere thanks to all those who have contributed to allow Pennridge to take flight and land its first anchor tenant: “I want to thank area residents for their perseverance throughout the construction process. Finally, and very importantly, I want to thank Senator Santarsiero and Representative Craig Staats for their continuing support of this project and the communities it serves.”

Recently completed construction and the ongoing development of the next 100,000 square foot building at Pennridge Airport Business Park is funded in part by a $2 million Pennsylvania RACP (Redevelopment Assistance Capital Program) Grant, designed to incentivize new industry and job growth. 

Colliers International represented the Landlord, Pennridge Development Enterprises, and CBRE Inc. represented the Tenant, Fres-Co System USA, in this transaction. 

For more information on leasing at Pennridge Airport Business Park please contact:
Tom Golarz, Vice President 
+1 215 928 7577 | Tom.Golarz@colliers.com

www.pennridgebusinesspark.com
 

 

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About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.  Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
 

 

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