July 3, 2017 • Vol. 28 • No. 27 • $2 SERVING BERKS, LEHIGH, NORTHAMPTON & SURROUNDING COUNTIES www.LVB.com Markets still trending upward but a correction looms By DAWN WIVELL first half will continue, barring any kets in advance of reality, and we SECOND HALF Special for Lehigh Valley Business 2017 FORECAST: unforeseen events and with perhaps may see a reality adjustment in the < An adjustment So far, it’s been a big year for slight adjustments in the market. second half,” said Jonathan Moyer, in the market as investors, and the second half of Those latter modifications could financial adviser Moyer Insurance & reality replaces 2017 should be similar – a strong one occur as reality replaces expecta- Financial Solutions of Reading. expectations. although the market could correct tions created by the Trump admin- Michael Joyce, president of < Slightly higher ILLUSTRATION/DARIUSL a bit. istration and as the Federal Reserve JoycePayne Partners of Bethlehem, interest rates. < Continued consumer and Financial advisers are optimistic increases benchmark funds rates. investor confidence. that the positive trends of the year’s “Expectations drive stock mar- please see UPWARD, page 4 ALL PAWS ON DECK More workplaces allow pets for stress relief, recruitment By STACY WESCOE Some even pop their heads [email protected] into his ground-floor office for Robert Toedter, principal a quick hello. engineer at RT Consulting & Some of them, however, Engineering Inc., is a popular don’t even know his name. man in his office building at 65 He’s just known as “Molly’s E. Elizabeth Ave. in Bethlehem. Dad,” for the chocolate Most people stop to greet Labrador retriever he brings to him as he comes and goes. his office every day. Toedter doesn’t mind that PETS AT WORK his dog is the real attention getter because he knows she’s < Eight in 10 employees at bringing a little brightness into pet-friendly workplaces say having pets at work would make them feel everyone’s day by being there. more happy, relaxed and sociable. She is certainly good for him. Having pets at work is < 63 percent of employees becoming more common and in pet-friendly workplaces say they are very satisfied with their work helps to reduce stress and environment, nearly twice as many helps make people happier, as those in workplaces that do not more productive and more allow pets. social. It also helps to recruit < Those who work for pet- and retain talent, especially friendly employers describe their young adults. workplaces as friendly (47 percent), “If you just got off a bad productive (35 percent) and happy phone call, you can say, (30 percent). PHOTO/CHRISTOPHER HOLLAND Molly, a Labrador retriever, brightens the workday of Robert Toedter of RT Consulting & Engineering Inc. and others in their SOURCE: ONLINE SURVEY FOR NESTLE PURINA please see PAWS, page 10 Bethlehem office building. OPINION: Times are changing, and it’s best to be on board | In sales, follow the golden rule | Can’t we all just get aligned? Pages 6-8 FEATURES INDEX Behind the List ���������������������������15 Briefs ��������������������������������������������4 Calendar �������������������������������������15 Classifieds ����������������������������������22 Focus �������������������������������������11-13 For Your Information �������������������15 Liens �������������������������������������17, 22 Newsmakers �������������������������������16 Off The Clock �������������������������20-21 FOCUS ON TOURISM Opinion ��������������������������������������6-8 The beauty and serenity of Upper Bucks and northern Montgomery County The Lists �������������������������������18, 19 draw visitors for day trips and weekends. Meanwhile in Bethlehem, Celtic Fest Transactions �������������������������17, 22 has been a big hit for tourism and businesses for 30 years. Pages 11-13 Highmark and Lehigh Valley Health Network BETTER TOGETHER When the region’s leading health insurer and health care provider work together, you win. Our collaborative approach helps make the right care at the right time more accessible and affordable. Learn how to get more value for you and your employees at bettertogetherlv.com Highmark Blue Shield is an independent licensee of the Blue Cross and Blue Shield Association. LVB.com Lehigh Valley Business • July 3, 2017 3 Nevada developer to build 1M-square-foot warehouse By WENDY SOLOMON [email protected] A Nevada-based developer of ware- houses will build its largest building in the country off Interstate 78 in Berks County at a cost of $50 million. And it is looking to invest more in the region. Dermody Properties, a national real estate investment, development and man- agement company PHOTO/WENDY SOLOMON in Reno, will build Officials attend the groundbreaking for the the LogistiCenter LogistiCenter at Midway in Bethel Township. at Midway, a 1,081,200-square-foot radius. That’s a one-day truck drive,” warehouse on 136 Kiersey said. acres off Exit 16 in “We’re very bullish on the Lehigh Bethel Township. Valley. We’re seeking additional invest- The building is ment.” ‘This means expected to open next CONTINUED E-COMMERCE GROWTH we get to be spring. While e-commerce is driving the growth Gene Preston, of distribution centers, it represents less a player.’ partner at Dermody than 10 percent of U.S. retail sales but will — Pamela Properties, East region continue to grow, Kiersey said. Shupp, Greater office in Chatham, “We think it’s going to be 20 percent in Reading Economic N.J., said the facility CONTRIBUTED five to 10 years,” he said. Partnership Rendering of the $50 million LogistiCenter at Midway, a 1,081,200-square-foot warehouse in has already attracted a Bethel Township. The warehouse will be Dermody’s couple of prospective second in Bethel. The company built a tenants. He declined to name them, saying ‘WE NEED THIS KIND OF INVESTMENT’ Properties, said the region has several 750,000-square-foot distribution center they are “big names.” The site now has the utility and water essential factors – transportation, labor four years ago at Berks Park 78, off I-78 While the building will be designed so it infrastructure developers seek for large and infrastructure – that make it attractive and Route 501, now leased by Samsung can house several tenants, Preston said it warehouses, Shupp said. for warehouse development. Electronics. would likely be used by a single occupant, “This means we get to be a player,” she “This is an area where our distribu- In 2016, Dermody completed the a trend seen elsewhere in the marketplace. said. tion customers can serve 40 percent of LogistiCenter at 33, a 475,000-square-foot Single occupancy is more economical and Shupp said the partnership has fielded the U.S. population and 60 percent of the facility in Forks Township near the Route efficient for large companies because of an inquiry about the warehouse from Canadian population within a 500-mile 33 interchange, and is looking for a tenant. the investments they make in sophisticat- an anonymous prospect who is seeking ed equipment used for tracking and mov- 500,000 square feet of space. ing goods, among other factors, he said. “We need this kind of investment,” state “This is a really important day for us Sen. David Argall told the small crowd at because our sites in Berks County had not the groundbreaking. been shovel-ready before,” said Pamela 300 PERMANENT JOBS Shupp, president of the Greater Reading The warehouse will not only create 200 Economic Partnership, who was among construction jobs and 300 permanent jobs the officials who attended the ground- after it is completed, he said, but provide breaking Wednesday as bulldozers cleared $700,000 in property taxes to the county, a wheat field in the background. township and school district. “It’s going to be a facility that is going to create jobs for generations,” Argall said LOGISTICENTER AT MIDWAY later. < Where: 270 Midway Road, Bethel Township, Lured by the Greater Lehigh Valley’s Berks County. growing dominance as an East Coast cen- < What: 1,081,200-square-foot cross-dock ter for distribution centers, Dermody’s warehouse with four optional office locations for warehouse construction in the region has single or multiuse tenants. been picking up pace the last four years. < Parcel: 136 acres. The company has 5 million square feet < Clearance height: 36 feet. of space built or under construction in To Do: < Doors: 212 dock doors with 35,000-pound Pennsylvania and southern New Jersey, �� co�ier mechanical levelers. Preston said. < Parking: 207 cars (expandable to 309); 368 BULLISH ON THE REGION review invoices trailers, expandable to 438. Doug Kiersey, president of Dermody make our office look amazing!! RECEIVE DAILY NEWS Sign up for our free daily-news service and get breaking local news in your inbox every weekday at noon. Go CALL US. WE CAN HELP. to www.lvb.com, scroll to the bottom and click on “Subscribe to E-news.” 610.286.1766 www.ethosource.com 4 Lehigh Valley Business • July 3, 2017 LVB.com “Fear Index” by many investors, has been UPWARD A BIG START TO 2017 low for a while. continued from page 1 The first half of the year was a strong one for the “While it can continue to be low into the financial markets. future, our view is that many good things also sees a good chance for a correction in Optimistic investors, decreased volatility, [strong corporate earnings, tax reform, etc.] Volume 28, Number 27 65 E. Elizabeth Ave., Suite 400 the financial markets. corporate earnings that exceeded expectations, are priced into the market already, and Bethlehem, PA 18018 “However, at this point we don’t believe heightened expectations for earnings growth across policy missteps or an exogenous shock to 610-807-9619 • [email protected] many industries and a drop in the U.S. dollar, which that a correction in the markets would be the system could cause the market to pause affected international stocks, are some of the factors Publisher the beginning of a bear or go into reverse,” said Kevin Karpuk of Michael O’Rourke that contributed to the great returns for investors in [email protected] • ext.