Deliberate distribution heart in Elwood, Sick. Picture courtesy of CJ Logistics
CJ Logistics has teamed up with Korean Ocean Enterprise Corp., a South Korean authorities entity, in a public-private partnership to develop three large-scale logistics facilities throughout the U.S. The partnership is investing roughly $457 million into the developments. The dedication settlement is anticipated to be signed by the third quarter of the 12 months.
The partnership plans to begin development on the tasks within the first quarter of 2024, with an anticipated phased completion ranging from the primary half of 2026 into 2027. CJ Logistics plans to contribute the land for the tasks, whereas KOBC will safe development funding. As soon as accomplished, CJ Logistics might be answerable for working the logistics facilities.
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Referred to as the North American Challenge, the plan requires the development of three large-scale logistics facilities that may complete almost 3.9 million sq. toes. The amenities will function strategic hubs for CJ Logistics.
The Elwood, Sick., mission might be adjoining to the BNSF and Union Pacific terminals, whereas the Des Plaines, Sick., improvement might be close to Chicago and the O’Hare Worldwide Airport, and the Secaucus, N.J., heart might be close to New York Harbor, JFK Airport and New York Metropolis. Every of the logistics amenities might be used to deal with import and export cargo of world and South Korean firms.
Lately, South Korean firms have been investing in varied industries resembling electrical automobiles, batteries and semiconductors within the U.S., however this collaboration between the private and non-private sectors is notable as the primary of its type.
A strong community within the U.S.
For CJ Logistics, its three upcoming amenities will hook up with the corporate’s current community of 57 operational logistics facilities throughout the U.S. Elsewhere within the U.S., CJ Logistics occupies a 1.1 million-square-foot cross-dock facility in Wilmer, Texas, that’s a part of Logistics Property Co.’s logistics campus. The South Korean firm additionally signed a full-building lease for a 1 million-square-foot distribution facility in Channahon, Sick.
Whereas CJ Logistics has greater than 280 areas throughout 40 international locations, its U.S. division CJ Logistics America is chargeable for increasing the corporate’s North American footprint. For the North American Challenge, CJ Logistics and KOBC are additionally investing within the U.S.’ logistics infrastructure to make the corporate extra globally aggressive.
