115 Interstate Blvd. in South Brunswick — Courtesy: Lee & Associates
By Joshua Burd
A multinational logistics firm has leased more than 500,000 square feet at a Prologis-owned building in South Brunswick, in a newly announced transaction by Lee & Associates.
The brokerage on Thursday said it represented XPO Logistics in the 526,400-square-foot deal at 115 Interstate Blvd. The deal provides the contract logistics company, which serves major corporations around the world, with a space near the New Jersey Turnpike.
Lee & Associates Partner Dave Saltzman completed the assignment out of the firm’s New Jersey office in Elmwood Park, noting that XPO was seeking space that would allow it to serve the Northeast and Mid-Atlantic regional markets.
“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,” Saltzman said. “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.”
The property was previously a distribution center for Tory Burch and the Children’s Place.