The new 702,450-square-foot Tac Pal Logistics Center on Route 73 in Palmyra is slated be substantially complete and ready for occupancy in September. — Courtesy: Cushman & Wakefield
By Joshua Burd
A development team is eyeing a September delivery for more than 700,000 square feet of new industrial space in Burlington County, the project’s leasing team announced Monday.
Brokers with Cushman & Wakefield and Avison Young are marketing the project on Route 73 in Palmyra, representing Sansone Group and a real estate fund advised by Crow Holdings Capital. The team said this week that the walls are up at what will be dubbed Tac Pal Logistics Center, putting it on track to be substantially complete and ready for occupancy this fall.
“Palmyra is extremely excited about the progress of the redevelopment area, the erecting of walls is the first step of getting this project to the final stages and Palmyra residents to see all that this redevelopment can offer our town,” Mayor Gina Tait said.
C&W’s Charles Fern, Thomas D. Tucci and Jason Barton are working in tandem with Avison Young’s Matthew Marshall and Jack Owens to lease the 702,450-square-foot building. Upon completion, the property will have 40-foot clear ceiling heights, 107 loading docks and parking for 240 trailers and 499 cars, they said, noting that Tac Pal will be the only vacant industrial building of more than 500,000 square feet available within a 30-minute drive of the site.
“We are excited to have reached this milestone in the construction process with the walls officially being tilted,” Fern said. “We are thrilled to be working with ownership to deliver a state-of-the-art facility in a market where most of the industrial product is outdated. Occupiers will be able to find attractive growth opportunities at Tac Pal Logistics Center, which is currently the largest infill development in southern New Jersey.”
Located at 201 Route 73, the site is a mile and a half from Route 130 and minutes from the New Jersey Turnpike, Interstate 295 and other major arteries. The brokerage team added that it’s less than eight miles from downtown Philadelphia and within a day’s drive of all major Northeast and Mid-Atlantic ports.
“There is an overwhelming demand for industrial assets in Burlington County, as is evident from its current 5.8 percent vacancy rate,” Marshall said. “Tac Pal Logistics Center will offer occupiers and user-buyers over 700,000 square feet of newly constructed space in a market with virtually no industrial availability.”
Joint venture taps Avison Young, C&W for 702,000 sq. ft. industrial project in Burlington
