{"id":1004759594,"date":"2025-05-28T03:55:00","date_gmt":"2025-05-28T11:55:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004759594"},"modified":"2025-05-28T03:55:02","modified_gmt":"2025-05-28T11:55:02","slug":"logipropco-secures-1-2-msf-tenant-in-metro-philadelphia","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/logipropco-secures-1-2-msf-tenant-in-metro-philadelphia\/","title":{"rendered":"LogiPropCo Secures 1.2 MSF Tenant in Metro Philadelphia"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6aa429c627bf1&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"915\" height=\"686\" data-attachment-id=\"1004759597\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/logipropco-secures-1-2-msf-tenant-in-metro-philadelphia\/boxpark-lpc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/BoxPark-LPC.jpg\" data-orig-size=\"915,686\" 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=\"BoxPark-LPC\" data-image-description=\"&lt;p&gt;Property at 995 Taylors Lane, Cinnaminson, N.J.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The LEED-certified property debuted two years ago. Image courtesy of Logistics Property Co.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/BoxPark-LPC.jpg?w=915\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/BoxPark-LPC.jpg\" alt=\"Aerial shot of Box Park Logistics Center, an industrial property in Cinnaminson, N.J.\" class=\"wp-image-1004759597\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/BoxPark-LPC.jpg 915w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/BoxPark-LPC.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/BoxPark-LPC.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 915px) 100vw, 915px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The LEED-certified property debuted two years ago. <em>Image courtesy of Logistics Property Co.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield led negotiations on behalf of the owner, along with in-house representation. NAI Hanson brokered on behalf of the tenant.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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\u2019s port and airport operate within roughly 10 and 23 miles, respectively.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/industrials-uneven-playing-field\/\">Industrial\u2019s Uneven Playing Field<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Cushman &amp; 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\u2019s 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-suburban-philadelphia-s-active-industrial-market\">Suburban Philadelphia&#8217;s active industrial market<\/h2>\n\n\n\n<p>LogiPropCo\u2019s deal reflects ongoing healthy leasing activity throughout suburban Philadelphia&#8217;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 &amp; Wakefield report.<\/p>\n\n\n\n<p>Notably, Burlington County\u2019s industrial vacancy rate stood at 9.9 percent in March\u2014down 460 basis points year-over-year\u2014the report shows. The submarket rate also mirrors the entire metro\u2019s figure, also at 9.9 percent.<\/p>\n\n\n\n<p>In the first three months of the year, <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-deliveries\/\">industrial deliveries<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property benefits from a 30-year PILOT program.<\/p>\n","protected":false},"author":3471,"featured_media":1004759597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21748,11,21742,1494],"tags":[32799,52042,35017],"class_list":["post-1004759594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-industrial","category-midatlantic","category-latest","category-philadelphia","tag-cushman-wakefield","tag-logistics-property-co","tag-nai-james-e-hanson"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>LogiPropCo Secures 1.2 MSF Tenant in Metro Philadelphia - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Logistics Property Co. landed a 1.2 million-square-foot tenant at Box Park Logistics Center, an industrial property in Cinnaminson, N.J.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/logipropco-secures-1-2-msf-tenant-in-metro-philadelphia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LogiPropCo Secures 1.2 MSF Tenant in Metro Philadelphia\" \/>\n<meta property=\"og:description\" content=\"Logistics Property Co. landed a 1.2 million-square-foot tenant at Box Park Logistics Center, an industrial property in Cinnaminson, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/logipropco-secures-1-2-msf-tenant-in-metro-philadelphia\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-28T11:55:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-28T11:55:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/BoxPark-LPC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"915\" \/>\n\t<meta property=\"og:image:height\" content=\"686\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Claudiu Tiganescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/logipropco-secures-1-2-msf-tenant-in-metro-philadelphia\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/logipropco-secures-1-2-msf-tenant-in-metro-philadelphia\\\/\"},\"author\":{\"name\":\"Claudiu Tiganescu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/cbed638584257d6fb5a2a9c95c982b66\"},\"headline\":\"LogiPropCo Secures 1.2 MSF Tenant in Metro Philadelphia\",\"datePublished\":\"2025-05-28T11:55:00+00:00\",\"dateModified\":\"2025-05-28T11:55:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/logipropco-secures-1-2-msf-tenant-in-metro-philadelphia\\\/\"},\"wordCount\":371,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/logipropco-secures-1-2-msf-tenant-in-metro-philadelphia\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2025\\\/05\\\/BoxPark-LPC.jpg\",\"keywords\":[\"Cushman &amp; Wakefield\",\"Logistics Property Co.\",\"NAI James E. 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Image courtesy of Logistics Property Co."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/logipropco-secures-1-2-msf-tenant-in-metro-philadelphia\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"LogiPropCo Secures 1.2 MSF Tenant in Metro Philadelphia"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66","name":"Claudiu Tiganescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54","caption":"Claudiu Tiganescu"},"description":"Claudiu Tiganescu is an Associate Editor with Multi-Housing News and Commercial Property Executive. 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