Lee & Associates New Jersey announced recently that it has arranged a 526,400-square-foot lease at a distribution center in South Brunswick.
The tenant, XPO Logistics, is a contract logistics company.
The property, 115 Interstate Blvd., is a big-box industrial warehouse within close access to the New Jersey Turnpike’s Exit 8A. The building previously served as the Tory Burch distribution center and before that was a distribution center for Children’s Place.
“Our client was looking for space that would allow them to serve the northeast & mid-Atlantic regional markets, have easy access to the N.J. Turnpike corridor, and close proximity to Port Newark/Elizabeth. 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,” Dave Saltzman, partner at Lee & Associates who arranged the deal, 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.”