Thursday, June 3, 2021

Developer Secures $62 Million Loan To Develop Last-Mile Facility Preleased by TJX Companies

 By Charlie Dettbarn CoStar Research

New York developer DH Property Holdings has secured a $62 million senior construction loan from PCCP LLC to develop a last-mile distribution facility 100% preleased to TJX Companies Inc. in northeast Philadelphia.

The 282,737-square-foot facility at 9801 Blue Grass Road will serve as TJX's second distribution center in the city. The off-price retailer's first is its 1 million-square-foot mission-critical facility located 1 1/2 miles north of the Blue Grass road center.

"A key driver of the industrial market today is e-commerce, and there is high user demand for same day service and last-mile connectivity," Aaron Malitzky, vice president with DH Property Holdings, said in a statement. "This facility's pre-lease with TJX is one of many examples of large logistics and last-mile companies occupying space across Pennsylvania to serve the local population inland distribution markets."

Construction on TJX's second distribution facility is set to begin this month and is slated to be completed by the third quarter of 2022.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.