50 Campus Drive in Kearny — Courtesy: CBRE
By Joshua Burd
A cold storage warehousing company has signed a lease renewal at the Kearny Point Industrial Park, where it occupies nearly 230,000 square feet under a deal with Hugo Neu.
According to CBRE, which represented ownership at the complex, Refrig-IT has operated from the property since 1993, with a footprint that includes 90,241 square feet at 50 Campus Drive and 137,972 at 80 Campus Drive. The space provides it with a location that’s less than five miles from Jersey City, Newark, Hoboken and the Lincoln and Holland tunnels, while it’s part of a 130-acre campus that Hugo Neu has modernized over much of the past decade.
CBRE’s Kevin Dudley, Chad Hillyer, Nicholas Klacik and Kate Granahan represented ownership in the long-term renewal, while Tom Carragher and Justin Rigoglioso of Newmark represented Refrig-IT.
“The Kearny Point Industrial Park offers proximity to Port Newark and New York City,” Dudley said. “The lease renewal with Refrig-IT is a testament to the relationship between both parties and overall market fundamentals.”
In a news release, CBRE noted that Kearny Point was once home to the Federal Shipbuilding & Drydock Co. and served as the U.S. Navy’s fastest ship-building location during World War II. In 2016, Hugo Neu initiated a design and engineering program to convert the 2 million-square-foot industrial park into a modernized, mixed-use commercial campus that has attracted a variety of tenants including businesses in need of office, flex, light manufacturing and industrial space, among others.
“We offer a unique community and array of modern amenities that benefit businesses and also advance our mission,” said Steve Nislick, Hugo Neu’s chief financial officer. “Kearny Point’s unique mix of amenities, infrastructure, and vibrant architecture make it functional and fashionable, delivering high-quality and healthy workspaces at reasonable monthly rates.”
