LogiPropCo Secures 1.2 MSF Tenant in Metro Philadelphia

Logistics Property Co. has secured a 1.2 million-square-foot, full-building industrial tenant at its Box Park Logistics Center in Cinnaminson, N. J.

Cushman & Wakefield led negotiations on behalf of the owner, along with in-house representation. NAI Hanson brokered on behalf of the tenant.

LogiPropCo started development in 2021 and funded it with a $106.4 million construction loan from Wells Fargo, according to CommercialEdge information. The facility came online two years later, and in 2024, the owner refinanced the debt with a $129.1 million bridge loan issued by Prudential Financial the same source shows.

Located on more than 72 acres at 995 Taylors Lane in Burlington County, the building is about 1 mile from U.S. Route 130 and roughly 6 miles away from Interstate 95. Philadelphia’s port and airport operate within roughly 10 and 23 miles, respectively.

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The LEED-certified facility features a clear height of 40 feet, four drive-in doors and 216 dock doors, as well as parking arrangements for 216 trailers and 549 vehicles. The property also benefits from a 30-year, payment-in-lieu-of-taxes program, as well as a developable site where an additional, 300,000-square-foot facility can be constructed.

Cushman & Wakefield Managing Director John Gartland, together with Executive Managing Director Jonas Skovdal and Vice Chairs Bill Waxman and Mindy Lissner, as well as Senior Associate Sean Duncan, represented LogiPropCo. The owner’s in-house negotiation crew included Senior Vice Presidents Mark Glagola and J.C. Hay. NAI Hanson Vice President Eric Demmers advised the tenant in the leasing proceedings.

Suburban Philadelphia’s active industrial market

LogiPropCo’s deal reflects ongoing healthy leasing activity throughout suburban Philadelphia’s industrial market. In the first quarter alone, a total of 2.5 million square feet of industrial space was leased, according to a Cushman & Wakefield report.

Notably, Burlington County’s industrial vacancy rate stood at 9.9 percent in March—down 460 basis points year-over-year—the report shows. The submarket rate also mirrors the entire metro’s figure, also at 9.9 percent.

In the first three months of the year, industrial deliveries across the entire metro area clocked in at 2.9 million square feet, the same source reveals. Overall net absorption stood at 1.3 million square feet during the same interval.