{"id":1004670389,"date":"2023-06-30T03:33:35","date_gmt":"2023-06-30T11:33:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004670389"},"modified":"2023-06-30T06:11:02","modified_gmt":"2023-06-30T14:11:02","slug":"cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/","title":{"rendered":"$457M Logistics Plan Eyed by South Korean Firms"},"content":{"rendered":"
\"Planned<\/a>

Planned distribution center in Elwood, Ill. Image courtesy of CJ Logistics<\/em><\/p><\/div>\n

CJ Logistics<\/strong> has teamed up with Korean Ocean Business Corp<\/strong>., a South Korean government entity, in a public-private partnership to develop three large-scale logistics centers across the U.S. The partnership is investing approximately $457 million into the developments. The commitment agreement is expected to be signed by the third quarter of the year.<\/p>\n

The partnership plans to start construction on the projects in the first quarter of 2024, with an expected phased completion starting from the first half of 2026 into 2027. CJ Logistics plans to contribute the land for the projects, while KOBC will secure construction funding. Once completed, CJ Logistics will be in charge of operating the logistics centers.<\/p>\n

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READ ALSO<\/strong>: Forging Stronger Links in the Supply Chain<\/a><\/p>\n

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Known as the North American Project, the plan calls for the construction of three large-scale logistics centers that will total nearly 3.9 million square feet. The facilities will serve as strategic hubs for CJ Logistics.<\/p>\n

The Elwood, Ill., project will be adjacent to the BNSF<\/strong> and Union Pacific<\/strong> terminals, while the Des Plaines, Ill., development will be near Chicago and the O\u2019Hare International Airport, and the Secaucus, N.J., center will be near New York Harbor, JFK Airport and New York City. Each of the logistics facilities will be used to handle import and export cargo of global and South Korean companies.<\/p>\n

In recent years, South Korean companies have been investing in various industries such as electric vehicles, batteries and semiconductors in the U.S., but this collaboration between the public and private sectors is notable as the first of its kind.<\/p>\n

A robust network in the U.S.<\/h2>\n

For CJ Logistics, its three upcoming facilities will connect to the company\u2019s existing network of 57 operational logistics centers across the U.S. Elsewhere in the U.S., CJ Logistics occupies a 1.1 million-square-foot cross-dock facility<\/a> in Wilmer, Texas, that\u2019s part of Logistics Property Co.\u2019s logistics campus. The South Korean company also signed a full-building lease for a 1 million-square-foot distribution facility<\/a> in Channahon, Ill.<\/p>\n

While CJ Logistics has more than 280 locations across 40 countries, its U.S. division CJ Logistics America is responsible for expanding the company\u2019s North American footprint. For the North American Project, CJ Logistics and KOBC are also investing in the U.S.\u2019 logistics infrastructure to make the company more globally competitive.<\/p>\n","protected":false},"excerpt":{"rendered":"

CJ Logistics will grow its U.S. footprint over the next several years.<\/p>\n","protected":false},"author":883,"featured_media":1004670424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21783,23891,21742],"tags":[],"class_list":["post-1004670389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-investment","category-national","category-latest"],"acf":[],"yoast_head":"\n$457M Logistics Plan Eyed by South Korean Firms - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CJ Logistics is partnering with Korean Ocean Business Corp. in a public-private partnership to build three logistics centers across the U.S.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$457M Logistics Plan Eyed by South Korean Firms\" \/>\n<meta property=\"og:description\" content=\"CJ Logistics is partnering with Korean Ocean Business Corp. in a public-private partnership to build three logistics centers across the U.S.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-30T11:33:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-30T14:11:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/CJ_Logistics_KOBC_Elwood-project.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"798\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/\",\"name\":\"$457M Logistics Plan Eyed by South Korean Firms - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/CJ_Logistics_KOBC_Elwood-project.jpg\",\"datePublished\":\"2023-06-30T11:33:35+00:00\",\"dateModified\":\"2023-06-30T14:11:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"description\":\"CJ Logistics is partnering with Korean Ocean Business Corp. in a public-private partnership to build three logistics centers across the U.S.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cj-logistics-kobc-to-invest-457m-in-us-distribution-facilities\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/CJ_Logistics_KOBC_Elwood-project.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/CJ_Logistics_KOBC_Elwood-project.jpg\",\"width\":798,\"height\":620,\"caption\":\"Planned distribution center in Elwood, Ill. 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