ProLogis (NYSE: PLD), has announced that it has leased more than 750,000 ft² (approx. 228,600 m²) of distribution space in central New Jersey to LG Electronics, USA Inc., the North American subsidiary of the global consumer electronics, appliances and mobile communications company. Terms were not disclosed.
Under the agreement, LG Electronics has leased 100% of the space at a stand-alone ProLogis warehouse located in South Brunswick, N.J., along Exit 8A of the New Jersey Turnpike. LG plans to use the facility as a primary northeast distribution center for consumer electronics and home appliance products.
"LG evaluated a number of providers before selecting ProLogis for this important project," said Roger Lekberg, vice president of logistics for LG Electronics USA, based in Englewood Cliffs, N.J. "The building offers state-of-the-art design and strong access to transportation infrastructure serving markets throughout the region. We look forward to realizing the benefits of this new facility, which will help support LG's continuing sales growth in the United States."
Paul Loosmann, senior vice president of operations for ProLogis in the northeast, said the LG agreement "significantly expands our relationship with LG, an important customer and a global leader in its industries. As one of the largest single industrial leases in New Jersey over the past year, the transaction highlights the leadership position ProLogis has built in this strategic market."
LG Electronics also leases more than 665,000 ft² from ProLogis in Southern California. The newly leased New Jersey facility is located approximately 35 minutes from the Port of New York/ New Jersey, the second-largest container port in the United States, and is approximately 30 minutes from Newark Liberty International Airport.