International Logistics Firm Leases More Than 570,000 SF in Mount Olive
Cushman & Wakefield continues to market the remaining approximately 845,000 square feet at the 230-acre site, which represents one of the largest blocks of available modern warehouse space in the New Jersey and Northern Pennsylvania markets.
MOUNT OLIVE, NJ—US Elogistics Service Corp. has signed an industrial lease deal totaling 570,777 square feet at New Jersey’s largest available warehouse space at 703 Bartley-Chester Road here.
The rapidly growing firm, which is headquartered at 1100 Cranbury South River Road in Monroe Township, NJ, was represented by Cushman & Wakefield’s Jason Goldman, Charles Fern, Andrew Siemsen and Jason Barton as well as the building ownership of the recently repositioned facility.
Cushman & Wakefield continues to market the remaining approximately 845,000 square feet at the 230-acre site, which represents one of the largest blocks of available modern warehouse space in the New Jersey and Northern Pennsylvania markets.
“The tenant is a global logistics fulfillment solutions company that has been in rapid expansion mode during the past few years,” C&W’s Fern says. “The center offered them a rare combination of ‘plug-and-play’ features, including fully racked, 49-foot cubic storage capacities and over 100,000 pallet positions, as well as the opportunity to take occupancy as soon as the lease was fully signed.”
Yuriy Gutkin, Elogistic’s director of real estate, noted, “After observing the evolution of the e-commerce sector, we decided that now was the right time to acquire another warehouse close to one of our headquarters in New Jersey, in order to respond better to the industry needs. The new building will give us the chance to take on even more business and offer affordable storage and fulfillment solutions to our clients all over the world.”
A joint venture of Square Mile Capital Management LLC, an affiliate of MSD Partners L.P., and the Saadia Group acquired the property in 2018 part of bankruptcy proceedings for Toys R Us, which had used it as a storage center, according to a report in Real Estate Weekly.
US Elogistics Services Corp. made headlines last September when it announced it was opening its first facility in the Southeast, investing $4 million and creating 150 new jobs in Austell, GA in a 500,000-square-foot facility.