https://re-nj.com/joint-ventur…
Joint venture taps Avison Young, C&W for 702,000 sq. ft. industrial project in Burlington
A rendering of the Tac-Pal Logistics Center on Route 73 in Palmyra — Courtesy: Avison Young
A joint venture has unveiled plans for a project that will add more than 700,000 square feet of new industrial space to the Burlington County borough of Palmyra.
Sansone Group, a St. Louis-based developer, and a private equity real estate fund advised by Crow Holdings Capital have tapped Avison Young and Cushman & Wakefield as their leasing agents for the project at 201 Route 73 South. Construction is underway on the 702,450-square-foot facility known as Tac-Pal Logistics Center, with delivery slated for early 2022.
“Unprecedented demand for infill distribution and logistics space is driving strong absorption and rent growth, and these large warehouse sites are now the asset class with the highest value appreciation,” said Matthew Marshall, an Avison Young principal based in its West Conshohocken, Pennsylvania, office. “We’re confident the Tac-Pal Logistics Center will draw tremendous interest from a wide variety of end-users and tenants.”
Marshall is leading the assignment alongside Chuck Fern, a vice chairman with Cushman & Wakefield, who is based in Iselin. The development and marketing team noted that the site provides easy access to both the Philadelphia and New York metropolitan areas, with a location just off Interstate 295 and Exit 5 of the New Jersey Turnpike and minutes from the Delaware River crossings to Philadelphia.
Sansone Group added that more than 90 percent of new industrial space delivered within Burlington County since 2020 has been either preleased or leased within three months of being constructed.
“This property offers a truly unique opportunity to develop a premier site in an ideal location,” said Jeff Greenwalt, national director of industrial development for Sansone Group. “We could not be more excited about the future of the Tac-Pal Logistics Center.”
