Southern NJ Industrial Park Inks 500 KSF in New Leases

Logan North, Building F. Image courtesy of Advance Realty Investors and Greek Development

Joint venture partners Advance Realty Investors and Greek Development have leased two buildings totaling 491,000 square feet at the 3.2 million-square-foot Logan North distribution park in Logan Township, N.J.

SEKO Logistics, a global logistics freight and delivery company, signed a 164,000-square-foot lease for Building A, located at 100 Crossroads Blvd. LaserShip Logistics is leasing 327,000 square feet at Building F, located at 701 Crossroads Blvd. Both leases were executed three months before the completion of the speculative buildings.

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The JLL team of Nate Demetsky, Dean Torosian and Matt Kemery, who continue to lead the leasing efforts for Logan North, represented the owners 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 and Dean Torosian represented LaserShip Logistics.

The industrial park is located along Route 322, just north of Interstate 295, which offers access to both the Philadelphia and New York markets. It is situated 14 miles from the Philadelphia International Airport and less than 20 miles from the recently upgraded Port of Philadelphia and Port of Wilmington in Delaware.

Project updates

The partners received construction financing for the first two buildings at Logan North in July 2020. The first building developed was Building H, which received a $69 million construction loan from Wells Fargo. The facility was 100 percent preleased to the Target Corp. Advance and Greek said the 1.1 million-square-foot warehouse and distribution asset, known as the Target Flow Center, and a 17-acre drop-lot was sold in October 2021 for $265 million to Torchlight Investors.

Building E, a 189,889-square-foot build-to-suit cold storage facility was fully preleased to Lineage Logistics and is operated by Preferred Freezer Services, a Lineage subsidiary. Advance and Greek Development obtained a $34.5 million construction loan in 2020 from Provident Bank for that asset.

Steel has been ordered for the construction of the next phase, which will consist of Building C/E at 401 Crossroads Blvd., comprising 475,000 square feet, and Building B at 301 Crossroads Blvd., comprising 274,000 square feet. Completion of those buildings is slated for the second quarter of 2023.

Advance and Greek Development said 15 acres is available at 200 Crossroads Blvd., for a potential build-to-suit project or as additional parking for future tenants.

Peter Cocoziello, Advance CEO, said in a prepared statement the latest leases are a milestone that underscores the ongoing demand for well-situated, Class A modern logistics space. He said Logan North continues to attract top-tier tenants in one of the most active submarkets in the state.

Meanwhile in northern New Jersey, Advance and Greek Development refinanced the first phase of Linden Logistics Center, a Class A industrial complex in Linden, N.J. in December. The industrial park will have eight buildings spanning more than 4 million square feet once completed. The $235 million refinancing is for two buildings totaling 1.3 million square feet that are fully leased to World Distribution Services and Peloton Interactive Inc.