CVS has leased 427,155 square feet of new industrial space in Jersey City — where it intends to be fully operational by the middle of the year, a CVS spokesperson said.
CVS said the new space will enable the health care giant to better position itself for the future.
“As part of our strategy to stabilize, modernize and optimize our supply chain, we plan to restructure our distribution network in the Northeast to better serve both colleagues and consumers,” a company spokesperson said. “We intend to have the new northern New Jersey facility fully operational by mid-2024.”
Located within a Foreign Trade Zone, HRP Hudson Logistics Park is also less than four miles from Exits 15E and 16E of the New Jersey Turnpike.
CVS not only will be close to Port Newark-Elizabeth and Newark Liberty International Airport, it also will have access to more than one-third of the nation’s population within a day’s drive.
JLL’s Chris Hile, Ryan Milanaik, Doug Rodenstein and David Knee are the leasing team for the site.