CHICAGO--(BUSINESS WIRE)--Logistics Property Company, LLC (LPC) announces the acquisition and development of First State Logistics (First State) in New Castle County, Del. The 149-acre parcel will be home to a logistics park incorporating three, 40-foot clear, Class A modern logistics facilities comprising 1,087,600 square feet with ample car and trailer parking and 60,000 square feet of office space.
“We are thrilled to be in the greater Wilmington market – a subset of the rapidly growing Interstate 95 market from Washington/Baltimore to Philadelphia and N.J.,” said Mark Glagola, Senior Vice President and Market Leader – Northeast Region at Logistics Property Company, LLC.
The development is located in the Del. submarket, directly at an Interstate 95 interchange, adjacent to the burgeoning Southern N.J. and Philadelphia markets. The site has immediate Interstate 95 access offering access to the Baltimore-Washington, D.C. market within 90 minutes and Philadelphia within 30 minutes, as well as N.Y. and N.J. With record low vacancy in N.J. and Philadelphia matched with record high absorption, Del. is the new stop along Interstate 95.
The proposed site plan for three buildings is to be developed over two phases. Phase I, comprising Buildings 1 & 2 totaling 702,600 square feet, will be developed on a speculative basis. Phase II, comprising Building 3 totaling 385,000 square feet, will follow.
“Distribution in Del. is on the rise, as it features amazing access to millions of rooftops within a short two-hour drive, and Middletown, in particular, is on the radar for most major distribution facility requirements today,” said Paul Touhey, Senior Vice President at CBRE. “For companies that require access to N.Y., Philadelphia, Baltimore, and Washington, D.C., First State Logistics is going to be a very nice option.”
CBRE is leasing the property and a general contractor will be selected soon.
About Logistics Property Co.
About Logistics Property Company, LLC (LPC) is an industrial real estate company focused on the acquisition, development and management of modern logistics properties in key North American markets. The management team of LPC partnered with MIRA Real Estate – part of Macquarie Infrastructure and Real Assets (MIRA) – on the formation of the platform. LPC is developing properties in key logistics markets including Atlanta, Chicago, Dallas, Houston, Kenosha, Mount Pocono, Philadelphia, Newark, New Jersey and Seattle-Tacoma with an estimated end value of more than $2 billion. Headquartered in Chicago, LPC has offices in Atlanta, Baltimore-Washington, Dallas, Houston, Los Angeles and Seattle. For further information, please visit logisticspropco.com and follow @logisticspropco.