Newark Distribution Heart. Picture courtesy of NAI James E. Hanson
Hines has chosen NAI James E. Hanson as unique leasing agent for Newark Distribution Heart, an industrial campus totaling 716,158 sq. ft in Newark, N.J.
Hines bought the three-building industrial portfolio earlier this 12 months, for $127 million. The property modified palms from sellers Turnbridge Equities and Lengthy Wharf Capital, with acquisition financing supplied by Sumitomo Mitsui Banking Corp., CommercialEdge knowledge exhibits.
Situated at 400 Ferry St,, 100 Christie St. and 397-447 Ferry St., the latter constructing is the biggest of the three, at 635,482 sq. ft of house. Initially constructed as a brewery in 1900, the campus consists of clear heights between 13 and 77 ft, 80 car parking spots, 68 dock doorways and an extra 23,302-square-foot web site for trailer parking. The third constructing consists of 24-foot clear heights, 4 loading dock doorways and at present has some 48,000 sq. ft of house out there for lease.
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Located on a 19.4-acre web site, inside an Alternative Zone and near Interstate 95, Newark Distribution Heart is 5 miles from Newark Liberty Worldwide Airport, 5.8 miles from Port Newark-Elizabeth, 9 miles from New York Metropolis and inside 12 miles of Crimson Hook Terminal in Brooklyn.
The NAI James E. Hanson workforce of Vice Presidents Russell Verducci and Eric Demmers will probably be offering leasing companies. Current tenants on the property embrace Peerless, One Cease Logistics and Crimson Trucking.
New Jersey industrial market leads the Northeast
In response to a current CommercialEdge report, New Jersey has the tightest industrial market within the Northeast, with emptiness at 3.1 p.c as of Could. With year-over-year hire progress at 10 p.c, New Jersey additionally recorded one of many largest gross sales quantity within the area, with $684 million on a year-to-date foundation by Could, with the very best sale worth per sq. foot, at $217.
Earlier in June, Hilco Redevelopment Companions secured a 80,000-square-foot, long-term lease at its redevelopment venture close by, HRP Hudson Logistics Park in Jersey Metropolis, N.J. World logistics firm DB Schenker will occupy a complete constructing.
