By Joshua Burd
A developer has acquired 10 acres in Kearny with plans to build a new 160,000-square-foot distribution center at the site, according to brokers with CBRE.
The buyer, Link Industrial, paid an undisclosed price for the parcel on Lincoln Highway, about a mile from the New Jersey Turnpike. The site is the home of the former Talbot Hall Rehabilitation Center, but is now slated to become modern industrial space by late 2022 under the developer’s plan.
CBRE’s Bill Waxman and Kevin Dudley, in conjunction with colleague Dudley Ryan, marketed the site and negotiated the sale on behalf of the seller.
“This location is phenomenal for any company that utilizes the ports or is a last mile/last touch servicing the tristate area,” Waxman said. “The adaptive reuse of a former office and rehab facility is further proof of the continuing demand for land and sites to service the growing needs of the logistics community in our area.”
CBRE said it was also working on similar projects and expects to see additional adaptive reuse to meet demand in the surging industrial sector.
“Working together with Kevin and Bill, we were able to completely satisfy the needs of our client,” Ryan said. “The outcome was a win-win for everyone involved.”
