Chicago company acquires 149 acres near Newark for use as logistics center

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Chicago-based Logistics Property Company announced the acquisition and future development of the  First State Logistics site near Newark.

The 149-acre parcel will be home to a logistics park with three 40-foot clear, Class A modern logistics facilities comprising 1,087,600 square feet with car and trailer parking and 60,000 square feet of office space.

The former owner, the  D2 Organization, has been in the process of gaining approvals for a  149-acre tract in the Glasgow area. W.L Gore and Associates had owned land near the Cooches Bridge Revolutionary War battlefield.

“We are thrilled to be in the greater Wilmington market – a subset of the rapidly growing Interstate 95 market from Washington/Baltimore to Philadelphia and N.J.” said Mark Glagola, Senior Vice President and Market Leader – Northeast Region at Logistics Property Company, LLC.

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According to a release, the site has immediate Interstate 95 access offering access to the Baltimore-Washington, D.C. market within 90 minutes and Philadelphia within a half hour.

The proposed site plan for three buildings is to be developed over two phases. Phase I, comprising Buildings 1 & 2 totaling 702,600 square feet, will be developed on a speculative basis. Phase II, comprising Building 3 totaling 385,000 square feet, will follow.

“Distribution in Del. is on the rise, as it features amazing access to millions of rooftops within a short two-hour drive, and Middletown, in particular, is on the radar for most major distribution facility requirements today,” said Paul Touhey, Senior Vice President at CBRE. “For companies that require access to N.Y., Philadelphia, Baltimore, and Washington, D.C., First State Logistics is going to be a very nice option.”

CBRE is leasing the property and a general contractor will be selected soon.

Northern Delaware is seeing a surge in logistics center development driven by Amazon, which is adding two additional centers.

About Logistics Property Company, LLC is an industrial real estate company focused on the acquisition, development, and management of logistics properties in key North American markets.

LPC is developing properties in key logistics markets including Atlanta, Chicago, Dallas, Houston, Kenosha, Mount Pocono, Philadelphia, Newark, New Jersey, and Seattle-Tacoma with an estimated end value of more than $2 billion.

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