A rendering of the Ridgefield Logistics Center, a planned 337,592-square-foot industrial building just south of Route 46 and west of Railroad Avenue — Courtesy: CBRE
By Joshua Burd
Brookfield Properties is set to develop nearly 340,000 square feet of new industrial space in Ridgefield, following an affiliate’s purchase of a 19-acre parcel along Route 46.
According to CBRE, which brokered the deal, a fund backed by Brookfield Asset Management acquired the site from Stalwart Ridgefield LLC. Plans now call for what’s known as Ridgefield Logistics Center, a proposed 337,592-square-foot warehouse located just south of the highway and west of Railroad Avenue, capitalizing on a location 10 minutes from New York City and four minutes from the George Washington Bridge.
CBRE’s investment properties team of Elli Klapper, Jeremy Wernick and Charles Berger, along with Kevin Dudley and Nicholas Klacik, brokered the transaction. The deal comes as “demand for quality industrial space in New Jersey has reached record levels,” Klapper said, while the supply has dwindled to below 2 percent as of the third quarter of this year.
“The Ridgefield site presents an incredible opportunity for Brookfield Properties, one of the premier real estate developers in the world, to create a LEED-certified distribution facility designed specifically to meet this insatiable demand,” Dudley added.
In a news release, CBRE said the building will have 40-foot clear ceiling heights and ample car and trailer parking. The facility will also benefit from being less than 10 miles from Port Newark-Elizabeth, the second-largest port in the country and one whose volume has grown 18 percent year over year.
“Working together with CBRE on this deal showcased the best our firms have to offer,” Brookfield Properties’ Tyler Mordas said. “We now have 10 separate land parcels in the New Jersey and New York region and anticipate over 3 million square feet of logistics deliveries. CBRE’s valued guidance in this transaction puts us on track to deliver that to the New Jersey market in the next 24 months.”
Construction is scheduled to begin early next year.
“The Ridgefield Logistics Center development is an ideal match for this well-located industrial land site in one of the nation’s hottest industrial markets,” Wernick said.
