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Listen to this articleGreek Real Estate Partners and Advance Realty Investors signed another tenant for the 3.2 million-square-foot Logan North industrial development in Logan Township.
Aramsco Inc. leased 117,000 square feet at 301 Crossroads Blvd., GREP and Advance announced March 6.
In addition to built-to-suit office space, the 274,524-square-foot building features:
- 40-foot clear heights
- 42 dock doors
- Two drive-in doors
- 188 parking spaces
- 58 trailer parking spaces
Comprising seven buildings, Logan North frontage stretches more than a mile along Route 322 to the east and Interstate 295 to the south. Thus, the property offers superior access to major transportation infrastructure as well as the nation’s largest consumer base.
“We’re grateful for the continued dedication of our respective teams and all those who have worked on Logan North to make this project and lease transaction a success,” said Advance Realty Investors principal and Chief Investment Officer Alex Cocoziello. “This transaction reaffirms long-term demand for superior, Class-A logistics facilities despite a turbulent market and speaks volumes to Logan North’s excellent location and quality design.”
According to GREP Director of Acquisitions Alex Motiuk, the lease with Aramsco leaves about 160,000 square feet of “highly functional Class A space available … which the development team is confident will be in high demand.”
Based in Paulsboro, Aramsco serves specialty contractors and others in the U.S., Puerto Rico and Canada. Its family of companies includes CRW Supply, Safety Express and others.
A JLL team of Executive Managing Director Dean Torosian, Vice Chairman Nate Demetsky, Executive Vice President Matt Kemery and Vice Chairman Paul Torosian lead leasing at Logan North, representing ownership. ICON Commercial Senior Vice President Ryan Bowie and The Flynn Co. Sales and Leasing team members Colin Flynn, David Ricci and Brando Casalicchio represented Aramsco.
Heading south
GREP and Advance acquired the 415-acre property that now houses Logan North in 2016. The partners recently completed a three-phase development at the property that has attracted big-name tenants, as well as accolades.
Fully leased buildings A (164,000 square feet), E (196,000 square feet), F (327,000 square feet) and H (1.1 million square feet) boast occupants such as Target, Lasership, SEKO and Lineage Logistics.
Last year, GREP Managing Partner David Greek spoke with NJBIZ about some of the benefits Logan North offers, due to its South Jersey location and newness. “There’s a lot of challenges to locating in northern Jersey, but the main one is just the lack of options. There is plenty of development happening in northern Jersey, but it’s a very expensive lease,” he said at the time.
Beyond price, space constraints are also less in South Jersey, which allows for more flexible developments.
“So we kind of see South Jersey in general, particularly the Logan area and south, to be the really efficient distribution points where a tenant that is both price sensitive but wants all the bells and whistles of a brand new building and the flexibility to be able to accommodate some of these external requirements, then they tend to want to go to South Jersey where their best options are and it’s still affordable as well,” Greek continued.
At Logan North, the 475,488-square-foot cross dock building at 501 Crossroad Blvd. is still available for occupancy. The space offers 40-foot clear heights, 106 dock positions, 71 trailer spaces and 228 care spaces.
Last February, GREP secured $50 million in permanent financing for the industrial park.
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