Logistics Property Co. Plans 800 KSF Pennsylvania Campus

Logistics 83, Conewago Township, York, Pa. Image courtesy of Logistics Property Co. LLC

Logistics Property Co. LLC has acquired Logistics 83, a 67-acre industrial development site in Conewago, Pa., in York County, just 20 miles south of the state capital of Harrisburg. The industrial real estate company plans to transform the sprawling parcel into an 800,000-square-foot logistics park. As a general rule of thumb, LPC does not discuss pricing.

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The acquisition of Logistics 83 marks LPC’s entrée into the York County market, and the company has good reason for wanting to stake a claim in the area. Mark Glagola, senior vice president with Logistics Property Co. LLC, told Commercial Property Executive that the York County’s industrial sector is “very robust—low vacancy, high demand.”

Logistics 83, located just off I-83, provides easy access to a handful of other major thoroughfares that will allow for one-day truck delivery to 60 percent of the U.S. population and 40 percent of the Canadian population. Additionally, the site will provide last-touch access to the Philadelphia and Baltimore/Washington markets. LPC plans to develop Logistics 83 in two stages, commencing Phase I with a 650,000-square-foot building and completing the campus with Phase II’s 150,000-square-foot facility.

LPC has tapped Cushman & Wakefield to spearhead leasing for Logistics 83. If all goes as planned Phase I will deliver in late 2022 and the campus will reach full build-out in early 2023, with the delivery of Phase II.

Expanding regional footprint

While LPC did not disclose the source of funding for the Logistics 83 project, the company certainly has access to cash. LPC closed LPC Logistics Venture One LP, its develop-to-core fund, with $1 billion in total equity commitments and a goal of building state-of-the-art, ground-up logistics facilities in core metro areas, including the New Jersey/Pennsylvania corridor.

With the acquisition of Logistics 83, LPC has closed three purchases in the Northeast Region within the last 45 days. Most recently, the industrial company acquired a 72-acre site in Burlington County, N.J., for the development of Box Park Logistics Center, which will feature up to 1.5 million square feet of logistics space and as many as 6 acres of parking accommodations. All told, LPC’s current projects in the Northeast account for a total of 3 million square feet of planned space. And there’s more to come. “We are actively looking in the Philly Metro area, Central Pennsylvania, and all of New Jersey,” Glagola added.