By Linda Moss CoStar News
A Chicago developer has acquired a site outside Philadelphia where it plans to build a more than 1 million-square-foot industrial campus.
Logistics Property Co. purchased a 72-acre parcel in Cinnaminson, New Jersey, for its planned Box Park Logistics Center, which will have 1.2 million to 1.5 million square feet of industrial space and up to 6 acres of parking.
“This is a trophy project in one of the strongest markets in the country,” Mark Glagola, senior vice president and market leader, Northeast region, for Logistics Property, said in a statement.
New Jersey does in fact have one of the hottest industrial markets in the nation, with record-low vacancy rates and demand outpacing supply. The Garden State benefits because it is located in the center of a densely populated region, nestled between New York City and Philadelphia, a key for quick delivery in the age of e-commerce.
“Strong fundamentals have attracted developers and more than 5 million [square feet] of new inventory has opened since the start of 2017,” CoStar said in a recent report on the Northern New Jersey logistics market. “Industrial tenants favor new, efficient facilities and projects generally see rapid lease-up.”
The Philadelphia industrial market is also performing well, according to CoStar.
“Thanks to surging demand for space from which to distribute the growing number of retail goods sold online, Philly’s industrial market has never been tighter,” CoStar said in a recent report. “The metro area’s vacancy rate is holding near all-time lows of 4.4%, while leasing has leapt to new records during the past 12 months and is accelerating heading into the second half of 2021. Developers have certainly taken notice. The recent spike in groundbreakings on new distribution centers has been nothing short of astounding.”
Logistics Property’s site in Burlington County is located immediately off U.S. Route 130 and offers quick access to Interstates 95 and 295 as well as the New Jersey Turnpike, Logistics Property said. It has direct access to New York City, Baltimore, Washington, D.C., Boston and Pittsburgh within a one-day drive, and the entire Philadelphia metro area in less than one hour, according to Logistics Property.
“With flexibility of design, an abundance of both trailer and car parking, and the ability to build up to 1.5 million square feet, Box Park Logistics Center promises to be a [premier] logistics location."
FCL Builders is the general contractor on the project and will start site clearing and grading in roughly three weeks.
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