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.
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