The walls have been tilted at Tac Pal Logistics Center, a 702,450-square-foot, state-of-the-art industrial development located on Route 73 in Palmyra, according to a Monday joint announcement from Cushman & Wakefield and Avison Young. The building will be substantially complete and ready for occupancy in September 2022.
“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,” Palmyra Mayor Gina Tait said in a statement.
Cushman & Wakefield’s Charles Fern, Thomas Tucci and Jason Barton are working in coordination with Avison Young’s Matthew Marshall and Jack Owens to market leasing opportunities for the property on behalf of ownership, Sansone Group, and a real estate fund advised by Crow Holdings Capital.
“We are excited to have reached this milestone in the construction process with the walls officially being tilted. 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to be working with ownership to deliver a state-of-the-art facility in a market where most of the industrial product is outdated,” Fern said. “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.”
“There is an overwhelming demand for industrial assets in Burlington County, as is evident from its current 5.8% vacancy rate,” Marshall added. “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.”
Upon completion, the property will feature 702,450 square feet of rentable space. The facility will benefit from 40-foot ceiling heights, 107 loading docks, 240 trailer stalls and 499 car stalls. Tac Pal Logistics Center is also the only vacant industrial building available over 500,000 square feet within a 30-minute drive of the site and will provide a rare opportunity to operate in a key Northeastern market where only outdated buildings exist.
The property is located on Route 73 with direct access to Route 130, Interstate 95 and the New Jersey Turnpike. The asset is less than eight miles from Philadelphia Center Business District and is located within a day’s drive to all Major Northeast and Mid-Atlantic ports.