Group 7 NEWS

Modlo recaps notable 2021 activity

Feb 02, 2022

Modlo, the logistics real estate operating platform of GLP Capital Partners (GCP), today announced that in 2021 it added $1.3 billion of logistics real estate, consisting of approximately 11.4 million square feet across 34 properties located in 16 key logistics markets. These additions contributed to $3.5 billion in transaction activity since 2020.

Last year’s activity reflects Modlo’s continued expansion in critical logistics hubs and key last-mile distribution markets, including Southern California, Portland, Miami, Pennsylvania, Baltimore, Atlanta, and Boston. Modlo also strategically bolstered its footprint in the East region, entering the rapidly growing Boston market via a 1.1 million square feet four-property portfolio.

“Our activity in 2021 reflects Modlo’s accelerated growth trajectory in an increasingly competitive market,” said Tom Cherry, Modlo’s Head of Leasing. “We’re constantly analyzing the broader economic landscape and needs of our dynamic customers as we expand our geographic reach.”

Key activity in 2021:

– Grew portfolio to 23 million square feet, nearly doubling square footage under management
– Achieved 99% leased occupancy in Modlo’s operating portfolio as of December 31st, 2021
– Sold five assets totaling 2.7 million square feet for $485 million
– Completed LEED certification for two projects that total 1.1 million square feet

Modlo continues to add strategic hires to support expansion in its key logistics real estate markets, including:

– Christopher Delzell, VP, Leasing Operations, Central Region
– Richard Eyre, VP, Leasing Operations, East Region

“As the logistics real estate operating platform of GCP, we’re privy to a unique synergy that allows our teams to be acutely aware of day-to-day market fluctuations and investment intelligence to inform our operational strategy,” said Cherry. “We’re looking forward to continued growth in 2022.”