By Joshua Burd
An industrial developer is making its entrance to New Jersey, having acquired a parcel in Secaucus where it plans to develop a 120,000-square-foot logistics building.
The Dallas-based firm, Xebec Realty, announced Thursday its purchase of the 6.8-acre site at 330 County Road. The company said it expects to begin development in 2024, touting the site’s location six miles from Manhattan and the chance to create a last-mile distribution facility.
“We seized the opportunity to expand Xebec’s national presence into the Northeast through this strategic acquisition,” said Justin Passaretti, vice president of acquisitions at Xebec. “Secaucus, and the Meadowlands submarket more broadly, has a severe shortage of Class A industrial product with demand at an all-time high. The strong underlying market fundamentals and scarcity of developable land in the region made the property very attractive.”
Xebec announced the deal while pointing to the ongoing growth of e-commerce.
“We are attracted to this region because of its excellent access to transportation and dense populations. The impact of the COVID-19 pandemic on retail distribution catalyzed an already strong growth story for industrial logistics real estate,” said Randy Kendrick, the firm’s CEO and president. “Retailers and manufacturers have increased their demand to support inventory distribution, e-commerce order fulfillment and last-mile delivery to consumers. The Secaucus site provides ‘last touch’ infill and last-mile access to meet this growing demand.”
