Wednesday, August 12, 2020

Top Industrial Leases Recognized for Philadelphia Area

 Prominent industrial leases signed by Target, Geodis and FedEx negotiated by top dealmakers from Cushman & Wakefield of New Jersey, JLL and ProVenture are among the second quarter industrial leases recognized by CoStar.

As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. 

TOP LEASE: 2858 US Route 322, Logan Township, NJ

Space Leased: 1,105,000 SF

Deal Type: New Lease

Sign Date: April 23, 2020

Size: 1,105,000 SF

Tenant: Target

Deal Commentary: Target signed the Philadelphia market's largest industrial deal of the second quarter when it agreed to lease a 1.1 million-square-foot distribution center currently underway in the new Logan North Industrial Park. Expected to create approximately 1,300 jobs, the facility will serve as a flow center to fulfill online orders and restock retail stores. Construction of the new warehouse is currently scheduled for completion in summer 2021.

TOP LEASE: 951 Willowbrook Road, Northampton, PA

Space Leased: 1,031,524 SF

Deal Type: New Lease

Sign Date: April 20, 2020

Size: 1,031,524 SF

Tenant: Geodis

Deal Commentary: Transport and logistics leader Geodis is slated to expand its U.S. footprint by taking just over 1 million square feet of distribution space at Rockefeller Group Logistics Park before the end of the year. The property, which offers immediate adjacency to the largest FedEx ground hub in the country and is less than two miles from Lehigh Valley International Airport, is owned by New York City-based firm Rockefeller Group.

TOP LEASE: 2400 South Weccacoe Ave., Philadelphia, PA

Space Leased: 283,500 SF

Deal Type: New Lease

Sign Date: June 8, 2020

Size: 283,500 SF

Tenant: Amazon

Deal Commentary: Amazon has leased the SoPhi Logistics Center and will begin to occupy the property in December of this year. The site will serve as a last-mile distribution center for the retail giant.

TOP LEASE: 180 Kost Road, Carlisle, PA

Space Leased: 487,080 SF

Deal Type: New Lease

Sign Date: April 4, 2020

Size: 487,080 SF

Tenant: Georgia Pacific

Deal Commentary: Georgia Pacific, maker of tissue, pulp, packaging, building products and related chemicals, expanded in the Philadelphia market with a lease to take all 487,080 square feet at a new warehouse owned by New York Life Real Estate Investors.

TOP LEASE: 2834 Schoeneck Road, Macungie, PA

Space Leased: 270,000 SF

Deal Type: New Lease

Sign Date: May 7, 2020

Size: 270,000 SF

Tenant: Silgan Plastics

Deal Commentary: The Lehigh Valley Crossings industrial park has a new tenant after Silgan Plastics, a packaging company serving the plastic bottling industry, leased the distribution center at 2834 Schoeneck Road in Macungie, Pennsylvania. The building has been empty since The Lehigh Group vacated in late 2018.

TOP LEASE: 2251 Newlins Mill Road, Easton, PA

Space Leased: 233,438 SF

Deal Type: Renewal

Sign Date: April 1, 2020

Size: 281,473 SF

Tenant: II-VI Advanced Materials

Deal Commentary: II-VI Advanced Materials, an engineered materials and optoelectronic components manufacturer, signed an expansion to occupy the remaining space at 2251 Newlins Mill Road in Easton, Pennsylvania. The space was previously home to Neovia Logistics.

TOP LEASE: 2525 Monroe Blvd., Norristown, PA
Space Leased: 172,649 SF

Deal Type: New Lease

Sign Date: May 6, 2020

Size: 211,000 SF

Tenant: Caesarstone USA

Deal Commentary: Caesarstone, a manufacturer of premium quartz surfaces used in both residential and commercial projects, signed a lease to occupy the entire 211,000-square-foot distribution center at 2525 Monroe Blvd. in Norristown, Pennsylvania. The company is expected to occupy its new space in November.

TOP LEASE: 280 Daniels Way, Burlington, NJ

Space Leased: 208,476 SF

Deal Type: New Lease

Sign Date: May 13, 2020

Size: 416,744 SF

Tenant: Burlington Stores

Deal Commentary: Burlington Stores, an off-price department store retailer formerly known as Burlington Coat Factory, signed a sublease for the remaining 208,476 square feet of space at 280 Daniels Way in the Haines Industrial Center. The Haines Center sits on more than 700 acres just off the New Jersey Turnpike.

TOP LEASE: 2070 Center Square Road, Logan Township, NJ

Space Leased: 126,117 SF

Deal Type: New Lease

Sign Date: May 13, 2020

Size: 126,117 SF

Tenant: Astral Diagnostics

Deal Commentary: Astral Diagnostics, a manufacturer of high-quality diagnostic stains and laboratory reagents, will occupy the newly built warehouse at 2070 Center Square Road in Logan Township. Exeter Property Group completed the project in December 2019.

TOP LEASE: 6923 Schantz Road, Allentown, PA

Space Leased: 100,000 SF

Deal Type: Renewal

Sign Date: May 21, 2020

Size: 100,000 SF

Tenant: BMS Logistics

Deal Commentary: BMS Logistics renewed its 100,000-square-foot lease at 6923 Schantz Road in Allentown. The contract packaging solutions provider agreed to a five-year extension.

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