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.
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