JOHNSTOWN - The Fulton County Industrial Development Agency board last week approved the Crossroads Incubator Corp.'s application to enter into a two-year sublease with a California-based trucking company moving into IDA property at the Johnstown Industrial Park.
The sublease was approved for Yusen Logistics. The company recently moved into 160 Enterprise Drive, which is the former Finkle Distributors building.
"They're [Yusen] not new to Johnstown," Fulton County Center for Regional Growth President and Chief Executive Officer Michael Reese told his IDA board on Thursday at the Fort Johnstown Annex.
Yusen Logistics (America) is a worldwide trucking-warehousing company based in California.
The company previously purchased NYK Logistics in the Johnstown Industrial Park at 123 Union Ave. Ext.
According to Reese, Yusen Logistics plans to vacate that smaller facility now that it moved into the former Finkle building.
IDA Executive Director James Mraz said the IDA received an application for the Yusen sublease approval from the CIC. The sublease term is from May 1, 2013, to May 1, 2015. The area subleased by Yusen will be 90,000 square feet out of the total 113,400-square-foot building. Mraz said IDA policy requires an annual $500 compliance fee payable by the CIC to the IDA annually for the sublease.
Mraz noted the IDA adopted a policy a couple years ago after the state Authorities Budget Office recommended the IDA approve all subleases on properties it owns.
Reese said Yusen in the future has the option of leasing the rest of the facility - or about 23,000 additional square feet.
"They don't have a need for that space right now," Reese said.
According to the CRG website, the Enterprise Drive building has "low bay" warehouse space, office space, docks and ample parking. The metal-and-brick building was built in 1996.
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