Friday, March 18, 2022

SEKO, LaserShip Sign Leases for Nearly 500,000 Square Feet in NJ

 By Linda Moss CoStar News

Advance Realty Investors and Greek Development have signed up two tenants, leasing nearly 500,000 square feet, for Logan North, their 3.2 million-square-foot distribution park in South Jersey.

SEKO Logistics, a global logistics freight and delivery company based in Itasca, Illinois, has signed a 164,000-square-foot lease to occupy Building A, located at 100 Crossroads Blvd. in Logan Township. The second tenant, LaserShip Logistics, headquartered in Vienna, Virginia, will occupy Building F, which is located at 701 Crossroads Blvd. and has 327,000 square feet.

Both leases were executed three months prior to the anticipated completion of the otherwise speculative projects, according to a statement Thursday from Advance, based in Bedminster, New Jersey, and Greek, based in East Brunswick, New Jersey.

“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 in a statement. “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, Advance and Greek announced the $265 million sale of the Target Flow Center at Logan North. The 1.1 million-square-foot warehouse and distribution facility occupied by retail giant Target was acquired by Torchlight Investors.

The Logan site is 14 miles from Philadelphia International Airport and less than 20 miles from the recently upgraded Port of Philadelphia and the Port of Wilmington.

Steel has been ordered for the construction of the next phase of Logan North, which includes 401 Crossroads Blvd., Building C/D, with 475,000 square feet, and 301 Crossroads Blvd., Building B, with 274,000 square feet. That work is slated to be completed in the second quarter next year. The Advance-Greek partnership also has 15 acres available at 200 Crossroads Blvd. with potential for a build-to-suit project or as additional parking space for future tenants of the park.

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