Community impact
From wasteland to wonderland: a true industrial transformation
There’s a piece of land in New Jersey that’s seen, well, a little bit of everything.
At one time or another it’s been home to:
- A World War II munitions testing facility for recoilless rifles
- Sanitary landfills
- Upland disposal of dredge materials from nearby waterways
- An organic composting facility
- Illegal dumping of various contaminated fill materials
- A drive-in movie theater
- An outdoor flea market.
So, when our client wanted to procure the 160-acre industrial land to self-develop 1.5 million square feet as two, stand- alone, state-of-the-art industrial buildings, there was some cleaning up to do!
This project included significant environmental remediation and site work alongside the typical leasing and transaction steps.
“From pitching the listing to the master developer/seller who needed to obtain approvals from the New Jersey DEP and the Borough of Palmyra, to leasing and initially stabilizing the property, we achieved each of these goals and each major developer milestone along the way. This made the two-phased land sale and initial lease-up of the Tac-Pal Logistics Center that much more fulfilling,” said Avison Young Principal and Industrial broker Matthew Marshall.
And now?
The opportunity to develop a Class-A warehouse and distribution facility in a prime, highly populated area ripe for last-mile transportation and logistics is being realized.
Once completed, the Tac-Pal Logistics Center will comprise two buildings of approximately 700,000 square feet each, and offer 40-foot clear heights and a cross-dock building configuration.
The site will accommodate drive-up ramps, alongside auto and trailer parking spaces.
“The Tac-Pal site is unmatched for infill sites serving Philadelphia County and Southern New Jersey thanks to its outstanding accessibility via major road infrastructures,” highlights Avison Young Principal and Investment Real Estate broker Adam Gillespie.
“From a financial standpoint, this development has two Payment in Lieu of Tax (PILOT) agreements in place, which will bring in substantial revenue to the borough,” Adam added.
It’s giving new hope and opportunity ahead for a company, a community and a plot of land that could have easily been overlooked for all its past lives and challenges. Instead, the site has a clean future and bright prospects ahead.