Brookfield Properties recently broke ground on a speculative 422,000-square-foot industrial project at 700 South St. in Newburgh, New York. — Courtesy: Resource Realty of Northern New Jersey
By Joshua Burd
Brookfield Properties has named Resource Realty of Northern New Jersey as its leasing team for a new 422,000-square-foot speculative distribution center in New York’s Orange County.
According to a news release, the project at 700 South St. in Newburgh is currently under construction on a 49-acre site near interstates 84 and 87. Plans call for 75 loading docks, a 190-foot truck court depth and a solar roof, while the facility is being built for certification on the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale.
The Newburgh South Logistics Center, which is transforming a long-vacant brownfield site into a productive energy-efficient industrial asset, also benefits from a 10-year payment in lieu of taxes program and incentives secured from the Newburgh Industrial Development Agency.
“The Newburgh South Logistics Center is garnering interest among users interested in establishing a presence in Southern New York State or relocating to this Class A facility in order to expand their operations while benefitting from the area’s lower per-square-foot rents as compared to nearby markets,” said Tom Consiglio, RRNNJ founding principal, who is spearheading the leasing team that includes Principal Scott Peck. “In addition to its first-class features, the property offers a highly strategic location, just one-mile to I-84, two miles to I-87 and eight miles to New York Stewart International Airport — favorable logistical advantages offering the ability to reach one-third of the U.S. population within a single day’s drive.”
The brokerage team also touted the flexibility of the new facility as another key attraction, making it suited for a sole tenant. The property has the capability to be divided into units of around 150,000 square feet, Resource Realty said.
Brookfield acquired the site last year in a transaction arranged by RRNNJ, noting that the firms are collaborating in Orange County for the second time. The companies recently worked together to market and lease a 312,000-square-foot industrial building at 134 Neelytown Road in Montgomery, which attracted PrimeSource Building Products as a tenant.
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