D2 Organization Sells 1.09 million-square-foot Logistics Park Development Site in Newark, DE

Philadelphia, PA - PR Newswire

D2 Organization (D2) announces the sale of First State Logistics Park (First State) in New Castle County, DE. The three parcels totaling 149-acres was purchased by Logistics Property Co. and will be home to a logistics park incorporating three, 40-foot clear, Class A modern logistics facilities comprising 1,087,600 square feet with ample car and trailer parking and 60,000 square feet of office space.

The strategic hub is located approximately one-half mile south of the Interstate 95 and Route 896 interchange and is within 30 minutes to the burgeoning Southern N.J. and Philadelphia markets. For companies that require access to New York City, Baltimore, and Washington D.C. First State is within a short 2-hour drive. With record-low vacancy in N.J. and Philadelphia matched with record-high absorption, Delaware is the new stop along Interstate 95.

"Northern Delaware has rapidly grown into a key logistics market due to its proximity to major population centers, modern inventory, and favorable labor supply," said Keith Delaney, CEO of D2 Organization. "These are just a few of the reasons we remain committed to our investments throughout Delaware."

The property, beautifully set surrounding Sunset Lake on 3 sides, is located near the Pencader Corporate Center, Glasgow High School, and the Cooch's Bridge Battlefield site. Previously approved for 1.6 million square feet of office, manufacturing, and warehouse the site was to serve as a new headquarters for Newark based WL Gore & Associates. However, the site had sat undeveloped for more than a decade. D2 took up the project in 2019 and began working with local stakeholders to address various regulatory hurdles to complete entitlements that allowed for the property to be developed as a warehouse logistics park.

"D2 displayed a remarkable command of the local approval process," said Mark Glagola, Senior Vice President and Market Leader – Northeast Region at Logistics Property Co. "Their upfront due diligence allowed for a seamless transaction, and we look forward to doing more business with D2 in the future."

D2 is currently developing over 5 million square feet of industrial projects throughout Delaware, New Jersey, South Carolina, and Texas.

CBRE's National Partners team led by Brian Fiumara represented D2 in the transaction. CBRE is also leasing the property.

Source: https://finance.yahoo.com/news/d2-organization-sells-1-09-013700643.html