Logan North Building F at 701 Crossroads Blvd. in Logan Township — Courtesy: Advance Realty Investors/Greek Development
By Joshua Burd
A development team has preleased the latest phase of a 3.2 million-square-foot industrial park in Logan Township, where two logistics firms will occupy a combined 491,000 square feet.
According to Advance Realty Investors and Greek Development, the joint venture behind what’s known as Logan North, the deals include a new 164,000-square-foot commitment by SEKO Logistics. The global logistics freight and delivery company will occupy Building A, located at 100 Crossroads Blvd. and directly west of Route 322.
The second tenant, LaserShip Logistics, will occupy some 327,000 square feet at Building F at 701 Crossroads Blvd. Both leases were executed three months prior to the anticipated completion of the speculative projects.
“Today’s 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,” Advance Realty Investors CEO Peter Cocoziello said. “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.”
JLL’s Nate Demetsky, Dean Torosian and Matt Kemery represented ownership as the leasing agents at the 415-acre development site. Kevin Dudley, Nick Klackik and Jeff Kapcheck of CBRE represented SEKO Logistics, while JLL’s John Dingle joined Torosian in representing LaserShip Logistics.
The deals come around nine months after Advance and Greek secured a $43 million construction loan to break ground on the two new speculative buildings. The firms previously delivered around 1.6 million square feet as part of the first phase, including a 1.1 million-square-foot facility and 17-acre drop-lot that they leased to Target Corp. and subsequently sold to Torchlight Investors for $265 million.
“Logan’s continued momentum speaks to the facility’s cutting-edge design as well as its 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.”
Located just north of Interstate 295, the campus provides tenants with easy access to both the Philadelphia and New York markets and multiple ports in the region. The developers have ordered steel for the construction of the next phase, which will include 475,000 square feet at 401 Crossroads Blvd. and 274,000 square feet at 301 Crossroads Blvd., with completion slated for the second quarter of 2023.
The partnership also has 15 acres available at 200 Crossroads Blvd. that it’s marketing as a potential build-to-suit or as additional parking space for future tenants of the park, the firms said.