May 8, 2018

JLL: Joint venture, logistics firm ink full-building lease in South Brunswick

By Joshua Burd | RE-NJ

A logistics firm has leased 369,000 square feet at a South Brunswick industrial building, in a deal announced this week by JLL.

The real estate services firm said it represented ownership, a joint venture of Accordia Realty Ventures LLC and EverWest Real Estate Investors LLC, in the transaction at 83 Stults Road in the township’s Dayton section. One Stop Logistics LLC signed a 10-year lease for the entire warehouse and distribution facility.

JLL Executive Vice President Brian Golden worked closely with Joe Romano, principal at Accordia Realty, and Krystal Arceneaux, head of asset management with EverWest. Brian DiPinto, director with The Blau & Berg Co. represented the tenant.

“One Stop Logistics was looking for a large, well-located distribution facility within New Jersey’s thriving Exit 8A industrial submarket,” Golden said. “The logistics firm found an ideal location at 83 Stults Road, which offered direct access to the New Jersey Turnpike.”

The deal comes a year after Accordia and EverWest acquired 83 Stults Road, which was constructed in 1974 and sits on 34 acres. JLL touted the building’s 24-foot clear ceiling height and 24 interior loading doors, with cross dock loading, along with its 150 car parking spaces and roughly 100 trailer spaces, with room to expand the number of spaces for each.

The acquisition also included 20 acres of adjacent land, on which the firms were planning to build another industrial building. At the time, the firms signed a sale-leaseback with the seller, Hermann’s Services Inc., allowing the logistics company to occupy the property for one year.

JLL represented Accordia and EverWest in both the initial sale and the sale-leaseback.