Sansone Group, Crow Holdings Ink 252 KSF Philly Lease
This recently completed distribution center totals more than 700,000 square feet.
Sansone Group, together with a fund advised by Crow Holdings Capital, has signed a 252,000-square-foot lease with YesWay Logistics at Tac-Pal Logistics Center, an infill industrial building in Palmyra, N.J. Avison Young negotiated on behalf of the landlord, while Cushman & Wakefield worked on behalf of the tenant.
Sansone developed the facility and completed it last month. Its construction was financed with a $83.2 million loan, originated in 2022 by Goldman Sachs, according to CommercialEdge data. According to the owner, this is the largest infill development in Southern New Jersey.
Tac-Pal Logistics Center is a 702,450-square-foot building comprising 450,000 square feet of leasable space that is divisible to roughly 250,000 square feet. It has 40-foot clear heights, ESFR sprinkler systems, LED lighting, 107 loading docks, four grade level doors, a truck court, 438 vehicle parking spots and 255 trailer parking spots.
According to CommercialEdge, Sansone also has a potential development adjacent to this property, totaling 1 million square feet, which is currently in the planning and permitting stages.
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Situated on 55 acres at 201 S. State Route 73, within a Federal Opportunity Zone, the property provides easy access to interstates 95, 295 and to New Jersey Turnpike. It is 7 miles from The Port of Philadelphia, 12 miles from downtown Philadelphia, 21 miles from Philadelphia International Airport and within 27 miles of Trenton, N.J.
Avison Young’s team of Principals Matthew Marshall and Jim Scott, Associate Jack Owens, together with co-listing broker Executive Vice Chairman Chuck Fern of Cushman & Wakefield, negotiated on behalf of the landlord. The tenant was represented by Cushman & Wakefield’s Executive Vice President Jason Barton.
Recent Philly industrial projects
Philadelphia maintains its position as one of the most active markets for industrial development in the Northeast. As of May, it had 18.4 million square feet underway, representing 4.4 percent of existing stock, according to a CommercialEdge report.
Multiple industrial projects have been announced since the beginning of 2023. In June, First Industrial Realty broke ground on a 358,000-square-foot project situated within First State Crossing, a 425-acre master-planned development in Claymont, Del. Completion is expected in early 2024.
In January, D2 Organization announced its plans for three Class A warehouses that will bring 586,000 square feet in Carneys Point, N.J. The buildings will rise at the former Salem Business Center site.