A joint venture of Advance Realty Investors and Greek Development has announced it has signed two new leases at Logan North, the partnership’s 3.2-million-square-foot, state-of-the-art distribution park in Logan Township.
SEKO Logistics, a global logistics freight and delivery company, has signed a 164,000-square foot lease and will occupy Building A, located at 100 Crossroads Blvd. The second tenant, LaserShip Logistics, will occupy Building F, located at 701 Crossroads Blvd. and comprising 327,000 square feet. Both leases were executed three months prior to the anticipated completion of the otherwise speculative projects.
“These leasing milestone serves as testament to the quality and magnetism of Logan North and further underscores the ongoing demand for well-situated, Class-A modern logistics space,” said Advance Realty Investors CEO Peter Cocoziello. “As a result, Logan North has continued to attract top-tier tenants and represents one of Southern New Jersey’s premier distribution locations, in one of the most active submarkets in the state.”
In October last year, the partnership announced the $265-million sale of the Target Flow Center at Logan North. The 1.1 million-square-foot warehouse and distribution facility and 17 acre drop-lot currently occupied by giant retailer Target Corporation, was acquired by Torchlight Investors.
“Logan’s continued momentum speaks to the facility’s cutting-edge design as well as it’s attractive location in the Southern New Jersey market,” said David Greek, managing partner of Greek Development. “We believe this will continue and look forward to Logan North serving as an economic driver in the region, drawing more commerce, businesses and jobs to New Jersey.”
The JLL team of Nate Demetsky, Dean Torosian and Matt Kemery continue to lead the leasing campaign at Logan North and represent ownership in the lease negotiations.
SEKO Logistics was represented by the CBRE team of Kevin Dudley, Nick Klackik and Jeff Kapcheck. The JLL team of John Dingle & Dean Torosian represented LaserShip Logistics in the lease.
Located in Logan Township in Southern New Jersey, the industrial park is along Route 322, just north of Interstate 295 and offers immediate access to both the Philadelphia and New York markets. The facility’s prime location is only 14 miles from the Philadelphia International Airport and proximal to the surrounding region’s busiest ports— situated less than 20 miles from the recently upgraded Port of Philadelphia (“PhilaPort”) and the Port of Wilmington.
Steel has been ordered for the construction of the next phase of the park and consists of 401 Crossroads Boulevard (Building C/D), comprising 475,000 square feet; and 301 Crossroads Boulevard (Building B), comprising 274,000 square feet. Completion is slated for Q2 2023. The partnership also has 15 acres available at 200 Crossroads Boulevard with potential for a built-to-suit project or as additional parking space for future tenants of the park.
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