Cushman & Wakefield’s Pennsylvania-based industrial brokerage team recently inked an 80,750-square-foot lease with Ryder Logistics at 395 Pedricktown Road in Logan Township as well as the 251,044-square-foot renewal by UPS at 200 Birch Creek Road in Swedesboro. A team led by John Gartland, Cushman & Wakefield Managing Director responsible for the Southern New Jersey market, represented ownership in both transactions.
The recent transactions exemplify the continued demand for distribution and logistics space in Southern New Jersey’s rapidly growing industrial market. Gartland specifically noted, “The Gloucester County submarket has certainly emerged as a regional distribution hub, which has benefitted from both the overall growth of Philadelphia as well as the recent expansion of the PhilaPort. This submarket also has a tremendous labor pool to pull from, which continues to be a topic at the forefront of our business.”
Gartland and his team represented a large institutional owner in the Ryder Logistics transaction. Strategically located at Exit 10 off Interstate 295 and Exit 2 of the New Jersey Turnpike, 395 Pedricktown Road is a 481,758-square-foot, Class A warehouse built in 2017. Situated at the mid-point between New York City and Washington, DC, the building provides exceptional access to the entire Northeast Transportation Corridor and is within a one-day drive of 40 percent of the total U.S. population.
“Like many regional distribution markets, Southern New Jersey continues to see growth in the third-party logistics vertical,” said Gartland. “This deal is yet another example of this ongoing trend. The UPS lease renewal is a strong indication of its commitment to this market. As markets to the North continue to tighten, we now are starting to see a lot of that pent-up demand funnel south down the Turnpike and Route 295 into Southern New Jersey.” The 597,232-square-foot warehouse/distribution facility is located at Exit 10 at Interstate-295, in the heart of the country’s richest consumer demographic and with easy accessibility to the region’s deep-water ports and transportation infrastructure. Cushman & Wakefield represented Principal Real Estate Investors in the transaction.
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