{"id":1004531654,"date":"2021-05-14T21:28:47","date_gmt":"2021-05-15T05:28:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004531654"},"modified":"2022-12-07T08:11:32","modified_gmt":"2022-12-07T16:11:32","slug":"logistics-property-co-lands-tenant-for-750-ksf-industrial-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/logistics-property-co-lands-tenant-for-750-ksf-industrial-project\/","title":{"rendered":"Logistics Property Co. Lands Tenant for 750 KSF Industrial Project"},"content":{"rendered":"\n<p>Logistics Property Co. LLC has secured a tenant to occupy I-80-380 Logistics Center, its new speculative industrial project in Mount Pocono, Pa., four months in advance of its completion. The company isn&#8217;t naming names, but it has leased the 750,000-square-foot distribution facility in its entirety. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004531677\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/logistics-property-co-lands-tenant-for-750-ksf-industrial-project\/i-80-380-logistics-center-image-courtesy-of-harris-architects-2-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/I-80-380-Logistics-Center.-Image-courtesy-of-Harris-Architects-2.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"I-80-380-Logistics-Center.-Image-courtesy-of-Harris-Architects-2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/I-80-380-Logistics-Center.-Image-courtesy-of-Harris-Architects-2.png?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/I-80-380-Logistics-Center.-Image-courtesy-of-Harris-Architects-2.png\" alt=\"\" class=\"wp-image-1004531677\" width=\"310\" height=\"227\" \/><figcaption>I-80-380 Logistics Center. <em>Image courtesy of Harris Architects<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<hr class=\"wp-block-separator\" \/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/the-case-for-post-pandemic-flexibility-in-commercial-leases\/\">The Case for Post-Pandemic Flexibility in Commercial Leases<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator\" \/>\n\n\n\n<p>LPC isn&#8217;t at liberty to divulge additional information about the I-80-380 tenant or the terms of the lease agreement, but when asked if surprised by the prelease commitment, Mark Glagola, a senior vice president with Logistics Property Co. LLC, told <em>Commercial Property Executive<\/em>, &#8220;We built a great project with a great team and the market responded.&#8221; Cushman &amp; Wakefield&#8217;s Daniel Walsh&nbsp;represented the landlord in the lease transaction, while CBRE&#8217;s Mike Barker&nbsp;stood in for the tenant.<\/p>\n\n\n\n<p>Sprouting up at 145 Market Way on a 62.5-acre site prepared by Schlouch Inc., I-80-380 takes its name from its location fewer than 10 minutes from Interstate 80 and roughly five minutes from Interstate 380. The Harris Architects-designed property sits within 90 miles of New York City and is within a day&#8217;s drive of 40 percent of the U.S. population and 50 percent of the Canadian population.<\/p>\n\n\n\n<p>The entire Northeastern Pennsylvania region is emerging as a magnet for industrial-space users. &#8220;[The area] has become one of the leading logistics hubs along the Eastern Seaboard. The area has become a hotbed for direct-to-store, e-commerce, and last mile distribution operations,&#8221; according to a white paper by Mericle Commercial Real Estates Services.<\/p>\n\n\n\n<p>&#8220;NEPA\u2019s combination of immediate interstate access, close proximity to the East Coast\u2019s consumption zones, availability of FedEx and UPS service, new speculative industrial development, affordable operating costs, and a great workforce backed by an exceptional higher education network, continues to drive logistics growth in the region.&#8221;<\/p>\n\n\n\n<p>LPC is developing I-80-380, its first project in Pennsylvania, with the assistance of an approximately $28 million loan that First National Bank originated with First National of Pennsylvania in May 2020. The project is on schedule to deliver in September 2021.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Growth mode<\/strong><\/h2>\n\n\n\n<p>LPC is in a major expansion phase. The prelease at I-80-380 comes five months after LPC&#8217;s final closing of LPC Logistics Venture One LP, the industrial real estate company&#8217;s develop-to-core fund, with equity <a href=\"https:\/\/www.commercialsearch.com\/news\/logistics-property-co-closes-1b-industrial-real-estate-fund\/\">commitments totaling $1 billion<\/a>. The Fund focuses on ground-up development of state-of-the-art logistics facilities across the U.S., I-80-380 among them.<\/p>\n\n\n\n<p>Another property will soon add to the square footage of LPC&#8217;s growing portfolio. This quarter, LPC will deliver Southport Logistics Park Building 3 in Wilmer, Texas. The 1 million square-foot facility, which is expandable to 1.2 million square feet, is located within a 252-acre master-planned logistics destination in the Dallas-Fort Worth area. &nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company has preleased its speculative development in Mount Pocono, Pa., four months ahead of completion.<\/p>\n","protected":false},"author":969,"featured_media":1004531677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21748,21742,10],"tags":[32789,32799,35845,37904,42788,36395],"class_list":["post-1004531654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-industrial","category-latest","category-northeast","tag-cbre","tag-cushman-wakefield","tag-first-national-bank","tag-harris-architects","tag-logistics-property-company","tag-mark-glagola"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Logistics Property Co. 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