Chicago-based Logistics Property Co., a logistics real estate owner, developer and manager, recently signed a lease on a 973,200-square-foot building in Morrisville.
The building, at South Penn Logistics Center, is a Class-A warehouse with a 40-foot clear height and access to heavy power. It incorporates a Trylitics TriSLAB concrete slab system that achieved a 30 percent reduction in embodied carbon. The system eliminated the need for nearly 20 miles of saw joints throughout the building.
“We are pleased to announce a full-building lease at our South Penn project,” Mark Glagola, Logistics Property Co. Northeast Region senior vice president, said. “We are sincerely appreciative of the support of the teams who worked on this project, including FCL builders and the Cushman & Wakefield capital markets and leasing team.”
The project is in the Philadelphia market. The company has a second Philadelphia market project underway at Crossroads 95 Logistics Center. In addition, the company will open a 442,000-square-foot development in Delaware later this year.
Logistics Property Co. focuses on modern logistics properties in key North American markets. It owns, or has under development, 27.9 million square feet of logistics facilities in 14 U.S. markets.
Cushman & Wakefield helped Logistics Property acquire the site.