Current Issue
Site strategy: How investors large and small are driving New Jersey’s industrial outdoor storage market
Investor demand for industrial outdoor storage property is surging, fueling intense competition as local, established buyers in New Jersey compete with a growing pool of large institutions.
Time to shine
By many accounts, industrial outdoor storage is now having its own moment. As you’ll read in this month’s cover story, the once-niche asset class is now among the fastest-growing in terms of its appeal to institutional capital and larger-scale users. New Jersey is no exception, with a buyer pool that seems to grow more crowded and more competitive by the month, and it stands to continue in a region that is well-positioned to serve not only trucking companies — long synonymous with low-coverage sites — but an evolving tenant base that includes contractors, building material suppliers, auto dealers and other users with large fleets and storage needs. The state’s local, established landlords have also remained active, securing new sites through a mix of creativity and a willingness to explore lesser-known submarkets.
‘A complete community:’ LeFrak, Simon families mark Newport’s 40th anniversary with $1 million grant program for Jersey City nonprofits
The developers of Newport, the seminal mixed-use neighborhood credited as a catalyst for the rebuilding of the Jersey City waterfront, plan to disburse $1 million to 40 local nonprofit groups as the organization celebrates four decades in the city.
Breaking the mold
As you’ll read in this month’s cover story, a company known as Osmo has filled and activated nearly 60,000 square feet of new warehouse space in Elizabeth, unveiling a cutting-edge headquarters and production hub. The so-called digital scent company, which uses artificial intelligence to create custom fragrances, debuted the space in mid-May after what was an exhaustive but fast-paced search that wound up just south of Port Newark-Elizabeth. That involved several top players in New Jersey commercial real estate, including developers Kurv Industrial and Elberon Development Group. It also involved a skilled design team that helped with the facility’s highly specialized infrastructure, supporting the arrival of a business that has public officials understandably excited.
Right place, right time
As you’ll read in this month’s cover story, Red Bull New York has brought new life to the former Honeywell International corporate campus in Morris Township, where it recently debuted an 80-acre training complex with an 88,400-square-foot main building, eight full-size outdoor soccer pitches and other cutting-edge amenities. The new RWJBarnabas Health Red Bulls Performance Center on Columbia Road was more than five years in the making — the culmination of diligent, wide-ranging outreach to win public support for the project — all in a bid to update the team’s facilities and help grow youth soccer. It’s also the product of good timing and the ability to secure a site that had been earmarked for residential development.
