By Joshua Burd
A joint venture is proceeding with plans to build more than 200,000 square feet of new industrial space at the site of a former office building in West Caldwell, according to brokers with JLL.
The partnership of Link Logistics, Blackstone Real Estate’s U.S.-based industrial real estate arm, and The Hampshire Cos. has picked JLL to lease the two-building project at 5 Dedrick Place. Plans for the site call for buildings of 134,453 and 80,768 square feet, offering a location that is minutes from Interstate 80 and Route 46.
When complete, the proposed 215,221-square-foot project will bring new life to an office property that was built in 1986 and housed the corporate office of Ricoh USA, the printer and copier company. JLL Managing Director Chad Hillyer, Senior Vice President Jenna Imperatore and Vice President Tyler Baker are leading the assignment.
The project is set to be completed in 2021.
“This unique project combines the redevelopment of traditional office space with state-of-the-art new construction, offering a leading-edge facility with superior functionality at a time when demand for such space is increasing in the area,” Hillyer said. “The institutional-grade space is the first of its kind in this market and offers an extraordinary opportunity for industrial occupiers.”
In a news release, JLL said the 134,453-square-foot Building A will include 10,319 square feet of office space, two loading drive-in doors, 11 loading docks and 154 parking spaces. The 80,768-square-foot Building B will consist of 5,730 square feet of office space, two drive-in loading doors, eight loading docks and 109 parking spaces.
The brokerage team also highlighted the site’s proximity to Interstate 280 and a location less than 25 miles from Port Newark-Elizabeth, Bayonne, Jersey City and New York City.
