Greek Development and partner Advance Realty have named Cushman & Wakefield exclusive leasing agent for the newly rebranded Logan North Industrial Park in Logan Township. Matthew Marshall, managing director, Jeffrey Williams, managing director, and Chuck Fern, vice chairman based in the commercial real estate services firm’s Conshohocken and Iselin offices, are heading the assignment to market the 3,327,355-square-foot warehouse/distribution asset located at 2858 U.S. Route 322 in Logan Township.
Cushman & Wakefield brokered the sale of the 415-acre property to the current owners in late 2016. It was the largest non-deep-water-port industrial land site sold in New Jersey that year.
“Unprecedented demand for distribution and logistics space is driving strong absorption and rent growth, and these bulk warehouse sites are now among the highest performing asset class in terms of value appreciation,” said Marshall. “There are less than a dozen sites across the state that could accommodate these large format buildings, making Logan North a highly considered choice for firms looking to locate or relocate their distribution in Southern New Jersey’s rapidly growing industrial market.”
Developed in partnership with Advance Realty, the master-planned industrial campus consists of 11 buildings ranging in size from 90,000 square feet to 1,105,000 square feet with build-to-suit opportunities. Best-in-class design features include 40- to 45-foot maximum ceiling heights, slab-on-grade construction with live floor loads that exceed over 500 pounds per square foot, and industry leading trailer parking and loading ratios.
Situated at a mid-point between New York City and Washington D.C., in the heart of the country’s richest consumer demographic, Logan North offers unparalleled proximity to the region’s deep-water ports and transportation infrastructure. The Park provides direct access to Interstate 295, U.S. Route 322 and the New Jersey Turnpike, and is serviced by two Class 1 railroads, Norfolk Southern and CSX. It is located just 15 miles from Philadelphia Airport and the PhilaPort complex, 93 miles from the Port of Newark and Elizabeth, and 88 miles from the Port of Baltimore.
David Greek, who is responsible for new development and acquisition opportunities for F. Greek Development, said, “E-commerce trends make the industrial real estate market a compelling long-term opportunity. Philadelphia is quickly evolving as a distribution destination and there is a growing need for modern Class A space in a range of sizes. We believe this location is the best in the market and have created a state-of-the-art industrial park to meet current and future demand for distribution and logistics space.”
Under the New Jersey Economic Development Authority’s Grow NJ incentive program, Logan Township qualifies as a Priority Area. Tenants of Logan North would receive a base grant of $3,000 per year, per new job created, for a term of 10 years. Retained jobs would be entitled to 50 percent of the new-employee base grant amount, and projects may be eligible for more than a dozen additional bonus grants.
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