By Samuel Murch CoStar Research
Performance Team, a U.S.-based warehousing and distribution company acquired by global container logistics company A.P. Moller - Maersk in 2020, signed a full-building lease for the Box Park Logistics Center, a massive, 1.2-million-square-foot distribution facility developed by Chicago-based Logistics Property Company, LLC in Cinnaminson, New Jersey.
Completed in 2023, the building at 995 Taylors Lane, which is about the size of Newark's Christiana Mall, qualifies as the Philadelphia region’s biggest warehouse and the deal is the largest industrial lease signed so far this year, according to Brenda Nguyen, CoStar's associate director of market analytics for Philadelphia.
“This project, in size alone, was a tremendous undertaking,” said Mark Glagola, senior vice president of LogiPropCo’s Northeast Region, in a statement announcing the lease.
Logistics Property Co. completed the building approximately two years ago. This is the development's first tenant and removes a sizable block of available industrial space from the market. Located along U.S. Route 130, nine miles from the Port of Philadelphia, the facility is equipped with 216 dock doors, 40-foot clear height, and four drive-in doors.
The site includes adjacent land available for a build-to-suit facility up to 300,000 square feet.
Logistics Property Co. was founded in January 2018 by CEO James Martell, the former president and founder of Ridge Development, along with several former Ridge executives. The company is owned by the management team of Logistics Property Co. and Macquarie Real Estate Investments Holdings (North America), Inc., an entity in the Real Estate division of Australia-based Macquarie Asset Management.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.