HRP Hudson Logistics Park in Jersey City — Courtesy: Hilco Redevelopment Partners
By Joshua Burd
CVS has leased more than 427,000 square feet of new industrial space in Jersey City, becoming the latest tenant to commit to an 86-acre campus just north of Route 1&9.
Market reports say the health care and drug store giant will occupy 134 Van Keuren Ave., part of the HRP Hudson Logistics Park developed by Hilco Redevelopment Partners. Its new 427,155-square-foot facility will be the largest of three buildings at the complex, which also has an 80,000-square-foot commitment from global logistics firm DB Schenker.
A representative for Hilco did not respond to a request for comment, but the website for the 705,000-square-foot campus notes that it’s 72 percent leased to institutional tenants, with one 197,277-square-foot facility that’s still available. JLL’s Chris Hile, Ryan Milanaik, Doug Rodenstein and David Knee are listed as the leasing team.
The latest deal follows HRP’s redevelopment of the former Hudson Generating Station coal-fired power plant, which it purchased in December 2018 before building out the 86-acre campus. Along with improvements to surrounding roadways and infrastructure, the project included resiliency measures such as importing clean soil to raise the park out of the floodplain and solar-ready infrastructure for each building.
Located within a Foreign Trade Zone, HRP Hudson Logistics Park is also less than four miles from exits 15E and 16E of the New Jersey Turnpike. The developer noted that tenants will be minutes from Port Newark-Elizabeth and Newark Liberty International Airport, with access to more than one-third of the nation’s population within a day’s drive.