The Allen Group, the company that was going to develop a 6,000-acre set of warehousing facilities, to build on the two main rail lines and three interstates in the area, has just filed Chapter 11.
This was a case of overbuild anyway.
You have that ProLogis place already fairly built, plus the one on Hampton Road just north of DeSoto. And another one in development on the DeSoto side of I-35/Danieldale. AND, Alliance in Fort Worth, the already-existing warehousing and transportation hub, is only 40 percent built out.
Even without any of the John Wiley Price hassles The Allen Group had, it was a gamble.
Beyond that, I said that if oil stayed at $150/bbl, we wouldn't be importing so much stuff from China anyway.
And, beyond THAT, in an irony, or worse, Richard Allen says that a major potential future investor is ... China Supply and Logistics. Hell, what next — a Chinese company buying a share in Berkshire Hathaway, now that Buffett has purchased BNSF?
Further fallout? Between this and the general economy, Lancaster's airport expansion just got pushed back years.
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