A rendering of a 185,856-square-foot industrial building at 49 Rutherford St. in Newark — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has acquired a nearly 13-acre development site in Newark, where it’s now planning more than 180,000 square feet of logistics space minutes from Port-Newark Elizabeth.
The Oak Brook, Illinois-based developer on Thursday announced its purchase of the parcel at 49 Rutherford St. Plans for the site, which is located just east of the New Jersey Turnpike and north of Interstate 78, call for a 185,856-square-foot facility with 40-foot clear ceiling heights.
Delivery is slated for late 2020.
“We are excited to acquire this prime development site in the Northern New Jersey market. Once complete, 49 Rutherford will feature best-in-class specifications for high throughput and e-commerce tenants, such as a high door count and an abundance of trailer parking,” said Evan Lippow, CenterPoint vice president of investments. “This development project is consistent with the CenterPoint strategy of acquiring and developing lower coverage infill facilities in the top port markets and population centers in the country.”
The NAI James E. Hanson team of Ken Lundberg, Scott Perkins and Russ Verducci will represent CenterPoint in the leasing the building, which will have 45 dock doors, 80 trailer positions and 155 parking spaces for cars. The complex will have some 1,000 linear feet of frontage along the Turnpike and will provide easy access to the highway, along with Route 1 and 9 and New York City.
“This project represents a rare opportunity to develop a new building in the port submarket of northern New Jersey,” said Ronel Borner, a senior vice president of development with CenterPoint. “49 Rutherford will be one of the closest Class A warehouses to Port Newark, which offers tenants servicing the Port a distinct drayage advantage.
“CenterPoint looks forward to bringing this exciting project to market and continuing to expand its development footprint in New Jersey.”