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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PREIT to sell Exton Square Mall as it tries to raise funds to pay down debt

Natalie Kostelni Reporter Philadelphia Business Journal

PREIT, an owner of regional malls throughout the Philadelphia region and mid-Atlantic, saw its shares slide throughout Tuesday despite its CEO’s attempt to assure investors during a brief earnings call that the company was on track to pay down debt with several pending sales.

The company’s stock price ended the day down by 11% to 74 cents a share.

During the 20-minute call reviewing results from last year and the fourth quarter, Joe Coradino, PREIT’s CEO, rattled off properties and parcels that were under agreement including the Exton Square Mall, a 1-million-square-foot property that is 50% occupied and has sales of $283 a square foot. PREIT does not consider the Macy's-anchored Chester County mall as one of its core properties.

The Philadelphia company expects to close on its sale in the next 90 days, Coradino said. It did not indicate who had the property under agreement or at what price.

Full story: https://tinyurl.com/45b2mj76

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Walmart To Open Massive Fulfillment Center in Shippensburg Pennsylvania

 By Michelle Stockner CoStar Research

Walmart is opening a new fulfillment center in southern Pennsylvania to support its growing supply chain network and e-commerce operations.

The 1.8 million-square-foot facility will be located at 2281 United Drive in Shippensburg and is set to open this spring, creating up to 600 permanent, full-time jobs across the region, Walmart said in a press release.

Unlike its distribution centers, which focus on receiving, storing and distributing products to stores, Walmart's fulfillment centers are designed to store millions of items that are picked, packed and shipped directly to customers as soon as next-day.

The Shippensburg facility is part of a broader initiative to add more capacity to the retailer's supply chain as it prepares for growth. In the fourth quarter of fiscal year 2022, Walmart U.S. e-commerce cited 70% growth over the past two years.

"We are proud to open a new state-of-the-art fulfillment center in Shippensburg, which will be instrumental in providing our customers with increased access and faster shipping on millions of every-day low priced items," Steve Miller, senior vice president of supply chain operations for Walmart U.S., said in the release. "In addition to faster shipping, our investment in Shippensburg will bring a positive impact to the community by bringing even more employment opportunities to a growing local economy."

Walmart currently operates seven distribution centers, 160 retail stores and employs more than 60,000 associates in Pennsylvania.

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