SOUTH BRUNSWICK, NJ-LG Electronics USA Inc. has leased 750,000-sf of distribution space from ProLogis here. The lease gives the Englewood, NJ-based company the entire stand-alone building located along Exit 8A off the New Jersey Turnpike.
The terms of the lease were not disclosed. Industrial space in the Brunswick area, according to CB Richard Ellis' Q4 2006 report, has an asking lease rate of $5.60 per sf. There is more than 24 million sf of rentable space in the market, which has a vacancy rate of 5.4%.
LG plans to use the space as its main northeast distribution center for home appliance and consumer electronics products. "LG evaluated a number of providers before selecting ProLogis for this important project," says Roger Lekberg, VP of logistics for LG Electronics, in a statement. "The building offers state-of-the-art design and strong access to transportation infrastructure serving markets throughout the region."
ProLogis also leases more than 665,000 sf to LG in Southern California.
In April 2005, LG Electronics signed a 10-year lease on an additional 26,000 sf at its headquarters at the Sylvan Corporate Center. As reported by GlobeSt.com the firm then utilized 58,000 sf.
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