(Editor’s note: This story was updated on July 30 with new information from Progress Capital, which sourced acquisition financing on behalf of the property owner.)
By Joshua Burd
Amazon is touting the opening of a new 130,000-square-foot delivery station in Mount Olive, one of 14 newly announced facilities that it will occupy in New Jersey.
The e-commerce giant said Tuesday that the location at 81 International Drive South will power the last mile of its order process and help speed up deliveries for customers. The facility will receive packages from neighboring Amazon fulfillment and sortation centers, serving as the last stop for shipments before they are loaded into delivery vehicles and brought to their final destination.
The delivery station, located in Mount Olive’s Budd Lake section, is opening alongside more than a dozen other such facilities in New Jersey. Amazon announced in late June that it has signed leases at properties spanning Mahwah to Logan Township, which will help improve the last mile of its delivery process.
The Mount Olive location will employ more than 250 full-time and part-time associates, while creating hundreds of driver opportunities for Amazon’s Delivery Service Partners and Amazon Flex drivers, the company said. According to a recent investment offering from NAI James E. Hanson, the property is a former Sam’s Club that closed in 2018.
In a separate news release this week, Progress Capital announced this week that it arranged $18 million in acquisition financing for the property’s owner, Asset Realty & Construction Group. Lakeland Bank provided the loan, which has a fixed 3.1 percent interest rate for 10 years.
Progress Capital Founding Partner Kathy Anderson completed the assignment, citing several challenges due to the COVID-19 crisis, with a smooth and efficient closing.
