Logistics Property Company, LLC (LogiPropCo), a logistics real estate owner, developer, and manager, with more than five million square feet of logistics facilities in the Northeast, has signed a full-building lease totaling 973,200 square feet at South Penn Logistics Center in Morrisville, Pennsylvania, with a warehouse service provider.
Located at 2300 South Pennsylvania Avenue in the Philadelphia market, South Penn Logistics Center is a Class-A warehouse with a 40-foot clear height and access to heavy power. Registered LEED Silver, the project also incorporates a Trylitics TriSLAB concrete slab system, which achieved a 30% reduction in embodied carbon and eliminated nearly 20 miles of saw joints throughout the building.
“We are pleased to announce a full-building lease at our South Penn project,” said Mark Glagola, Senior Vice President of LogiPropCo’s Northeast Region. “We are sincerely appreciative of the support of the teams who worked on this project, including FCL builders and the Cushman & Wakefield capital markets and leasing team.”
LogiPropCo’s Northeast Region team was supported by Cushman & Wakefield’s Gerry Blinebury and Jonas Skovdal on the acquisition of the site, and John Gartland, Kevin Hagenberg, and Chris Butera in the leasing of the building.
“This lease is a strong validation of both South Penn Logistics Center and the broader Southeastern Pennsylvania market,” said Kevin Hagenberg, Managing Director at Cushman & Wakefield. “High-power bulk logistics product in infill locations continue to attract quality users. LogiPropCo delivered a best-in-class asset, and the market responded.”
Logistics Property Company has a new project underway in the Philadelphia market, Crossroads 95 Logistics Center. The 442,000-square-foot development located in Newark, Delaware, will deliver later this year.
About Logistics Property Company
Logistics Property Company, LLC is a 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 owns or has under development 27.9 million square feet of logistics facilities across 14 U.S. markets. For more information, please visit logisticspropco.com.
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