Avison Young and Cushman & Wakefield announced Monday that they are exclusively representing the agency and project leasing for the 702,450-square-foot Class-A Tac-Pal Logistics Center in Palmyra.
The warehouse/distribution facility project, at 201 State Route 73, broke ground in 2021 and is now substantially complete and ready for a user-occupier.
The site was entitled by SDG Holdings LLC and Palmyra Urban Renewal Entity LLC. After the entitlements and approvals were granted, the redevelopment parcel was sold in 2021 to the Sansone Group of St. Louis, and a real estate fund advised by Crow Holdings Capital based in Dallas.
Avison Young is providing landlord representation and project marketing and leasing services, with Matthew Marshall, principal, Jim Scott, principal, and Jack Owens, associate — all based in the firm’s Philadelphia office — leading the effort. Chuck Fern, executive vice chairman in Cushman & Wakefield’s Northern New Jersey office, is the co-broker.
“Tac-Pal Logistics Center will provide a much-needed supply of space in a market constrained by a shifting interest rate environment, local development barriers and record-high construction costs,” Marshall said. “Philadelphia’s resilient industrial market closed in positive territory for 2022, and we’re confident that there will be strong interest in this well-located property and state-of the-art building design.”
Tac-Pal Logistics Center will represent one of the largest infill warehouse and distribution facilities in the Philadelphia-area industrial market. The entire development site is in a federal Opportunity Zone.
“Once fully operational, we expect the Tac-Pal Logistics Center development to spur significant economic opportunity for the borough of Palmyra and the surrounding Burlington County and Philadelphia metro area,” Palmyra Borough Mayor Gina Rajamo Tate said.
Jeff Greenwalt, national director of industrial development for Sansone Group, said the location is everything.
“Tac-Pal’s superior accessibility to both the Philadelphia and New York metropolitan areas, cities, ports and transportation, as well as its abundance of labor, make it a highly desirable destination for commerce,” he said.