Lee & Associates New Jersey announced that Partner Dave Saltzman arranged the largest industrial lease transaction of the year for the firm with the signing of a 526,400-square-foot lease at 115 Interstate Boulevard, South Brunswick. The tenant, XPO Logistics, is a multi-national contract logistics company, providing out-source services to major corporations around the world.
115 Interstate Boulevard is a “big box” industrial warehouse, located in the NJ Turnpike – “Exit 8A” Submarket, that is within close proximity to the New Jersey Turnpike. The building previously served as the Tory Burch Distribution Center and prior to that was the distribution center for Children’s Place.
“Our client was looking for space that would allow them to serve the northeast & mid-Atlantic regional markets, have easy access to the NJ Turnpike corridor, and close proximity to Port Newark/Elizabeth. Demand for “state-of-the-art” industrial space in North and Central New Jersey is high right now, but we were able to find a desirable location that fit our client’s needs,” commented Dave Saltzman. “This wasn’t a straight lease transaction, so some extra steps were needed. We had to work closely with Prologis, the property owner, to unravel a sublease of a sublease, in order to complete this long term transaction. As part of the deal, there were also a substantial amount of building improvements and amenities that XPO inherited, including an extensive conveyor system and heavy duty narrow aisle racking.”
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