Logistics Property Co. Inks 970 KSF Lease at Philly Warehouse

March 5, 2026

Brokerage Industrial Mid-Atlantic News More Philadelphia

The building came online last year.

Logistics Property Co. has inked a deal with a warehouse service provider to lease its recently completed 973,200-square-foot building at South Penn Logistics Center in Morrisville, Pa., a Philadelphia suburb.

South Penn Logistics Center at 2300 South Pennsylvania Ave. in Morrisville, Pa. — Logistics Property Co. has signed a tenant to fill the entire 973,200-square-foot South Penn Logistics Center building in Morrisville, Pa. *Image courtesy of Logistics Property Co.*

LogiPropCo did not disclose the name of the tenant that is leasing the entire Class A warehouse at 2300 S. Pennsylvania Ave. that was delivered in June 2025 by FCL Builders.

The company’s Northeast Region team worked with the capital markets and leasing teams at Cushman & Wakefield. Gerry Blinebury, executive vice chairman of the Cushman & Wakefield Industrial Advisory Group, and Executive Managing Director Jonas Skovdal represented LogiPropCo on the acquisition of the site. Leasing was handled by John Gartland, executive managing director of the Industrial Brokerage Group, Managing Director Kevin Hagenberg and Director Chris Butera.

Hagenberg said in a prepared statement the lease was a strong validation for the South Penn Logistics Center and the broader Southeastern Pennsylvania market. He also noted that high-power bulk logistics product in infill locations continue to attract quality users.

Deliveries in the Philadelphia industrial market during 2025 increased nearly 13.6 million square year-over-year, well above the national pace, according to Yardi Matrix. The construction pipeline expanded from the year before to about 4.9 million square feet. However, new starts had slowed from 2024 levels, signaling a more cautious approach by developers.

Spotlight on South Penn Logistics Center

LogiPropCo secured a $91 million construction loan for South Penn Logistics Center from Bank OZK in October 2023, according to Yardi Matrix data.

Located on 96.3 acres, the cross-dock warehouse has a 40-foot clear height, access to heavy power and the option to connect to a rail network. The building includes 1,500 square feet of office space. Registered LEED Silver, the project incorporates a Trylitics TriSLAB concrete slab system. This system resulted in a 30 percent reduction in embodied carbon and eliminated nearly 20 miles of saw joints throughout the building.

The warehouse has an ESFR fire protection system, 54-foot by 52-foot column spacing, 65-foot speed bays, 174 dock-high doors, four drive-in doors, 495 auto parking spaces and 363 trailer parking spaces.

South Penn Logistics Center is situated 23 miles from Exit 8A of the New Jersey Turnpike, 30 miles from the Port of Philadelphia, 31 miles from Philadelphia, 42 miles from the Philadelphia International Airport and 56 miles from the Port of NY/NJ.

About 1.2 million people can be reached within a 30-minute drive. The warehouse is located within a one-day drive to 40 percent of the U.S. population and 50 percent of the Canadian population.

Expanding in Pennsylvania

LogiPropCo, a Chicago-based logistics real estate owner, developer and manager, has more than 5 million square feet of logistics facilities in the Northeast. The firm owns or has under development 27.9 million square feet of logistics properties across 14 U.S. markets. Founded in 2018, the company has developed more than 55 million square feet of space in key markets like Atlanta, Chicago, Dallas and Seattle.

The company is currently developing Crossroads 95 Logistics Center, a 442,00-square-foot logistics facility located within the Philadelphia industrial market in Newark, Del. The asset is slated for completion later this year. LogiPropCo acquired the 43-acre site in July. The project is located about 8 miles from First State Logistics Park, a Newark facility spanning nearly 1.1 million square feet and the company’s first Delaware development.

Other company-owned logistics assets in the Philadelphia market include Logistics 83 in York, Pa., and North Penn Logistics Center in Hatfield, Pa. It also owns 1-80 380 Logistics Center in Mount Pocono, Pa., part of the Northeastern Pennsylvania industrial submarket.

Developing across the U.S.

Last week, LogiPropCo announced it was expanding its Texas footprint with the development of a two-phase, five-building, 1.5 million-square-foot campus in the Dallas-Fort Worth metro. The company plans to break ground on the 109-acre site in Grand Prairie, Texas, in the second quarter and complete the project in early 2028.

Elsewhere in Texas, LogiPropCo recently completed construction of 12821 Titanium St., its first project in Austin. The company broke ground on the two-building, 408,160-square-foot industrial project in July 2024.

Closer to home, LogiPropCo closed on a 22-acre site in Schaumburg, Ill., in February. The firm plans to build 390 O’Hare Logistics Park, a development comprising two 221,580-square-foot buildings. The logistics park has immediate proximity to Chicago O’Hare International Airport and surrounding highways.