Logistics Property Company, LLC (LogiPropCo), a logistics real estate owner, developer, and manager, closed on five development sites to date this year, investing $200 million of committed equity into six markets. Located in markets including Atlanta, Chicago, Denver, and Washington D.C., the 185 acres of land acquired will result in nearly 2.5 million square feet of modern logistics facilities.
In Chicago, LogiPropCo announced a new 123,000-square-foot development at 2700 York Road in Elk Grove Village, located five minutes from O’Hare’s South Cargo Terminal. Outside Denver, the company will soon break ground on its first development in the market, a three-building, 608,000-square-foot park near I-25 and E-470. Near Washington D.C., LogiPropCo will develop a two-building 270,000-square-foot park in Beltsville, Maryland.
In the Atlanta market, LogiPropCo will expand its Gainesville 85 Business Center by adding two buildings on adjacent land. When complete, the park will total four buildings and nearly one million square feet.
“We are seeing continued demand across the national development portfolio, especially from mid-sized, clean manufacturing tenants, from pharmaceuticals to building products,” said Sean Fitzsimmons, LogiPropCo’s Southeast Market Leader. “Acquiring sites with heavy available power and a strong local workforce enables us to continue to meet market demand.”
Year to date, Logistics Property Company has signed six leases totaling 1.8 million square feet, including full building leases at Palm Gateway Logistics Center in Mesa, AZ, and Box Park Logistics Center in Cinnaminson, NJ. Additional leases included space at Covington Commerce Center and Gainesville 85 Business Center in the Atlanta market, Duncan 85 Business Center in the Greenville / Spartanburg market and 94 Logistics Park in Kenosha, WI.
LogiPropCo also closed more than $200 million in permanent and construction loans this year, including a $108M permanent loan with ING Capital for First State Logistics Center, a three-building, one-million-square-foot development in Newark, DE, that is seventy-five percent leased.
“We are pleased to have executed this loan at First State, our first with the ING Capital team,” said Katherine Bernstein, SVP, Capital Markets at LogiPropCo. “We look forward to continued opportunities to work with their team.”
About Logistics Property Company
Logistics Property Company, LLC is a logistics real estate operating company and investment manager focused on the acquisition, development, and management of modern logistics properties in key North American markets. The company executes a disciplined investment strategy, ensuring optimal outcomes for our investors, employees, communities, and environment. Headquartered in Chicago, Logistics Property Company has nearly 80 employees strategically located across eight markets. Its portfolio is comprised of 67 buildings across 27.2 million square feet with an estimated end value of more than $4.1 billion. For further information, please visit logisticspropco.com.
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