The biggest available warehouse space in New Jersey has been leased to US Elogistics Service Corp, a company that stores and ships goods from across the ecommerce landscape.
Cushman & Wakefield arranged the 570,777 s/f lease at 703 Bartley-Chester Road in Mount Olive.
Jason Goldman, Charles Fern, Andrew Siemsen and Jason Barton of the commercial real estate services firm’s Iselin, N.J. office represented the tenant, US Elogistics Service Corp., and current ownership.
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.
“The tenant is a global logistics fulfillment solutions company that has been in rapid expansion mode during the past few years,” said Fern.
“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.”
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 recently repositioned facility offers unrivalled storage, parking and security for companies looking to quickly expand their distribution and ecommerce capabilities and save millions in occupier improvement costs.