Construction is underway on Deugen Development’s new 47,300-square-foot warehouse facility at 390 Central Ave. in East Rutherford, as depicted in this rendering. — Courtesy: Deugen
By Joshua Burd
Deugen Development has broken ground on a project that will bring nearly 50,000 square feet of much-needed, modern industrial space to the Meadowlands submarket.
The Hoboken-based firm, which recently closed on the property, is eyeing an early 2023 delivery for the facility at 390 Central Ave. in East Rutherford. The project will repurpose a vacant 2.8-acre lot about a mile west of Route 17, creating a 47,300-square-foot warehouse with 34-foot clear ceiling heights and other Class A design features.
“We feel the property was overlooked by the larger competition as it falls right in what we feel is an underutilized market of 50,000 square feet,” Deugen CEO Eric Gormeley said. “There are lots of tenants in the market that would love to have their own building with 50,000 square feet but it simply does not exist.”
Construction is underway after Deugen received approvals for the project last fall. Additional plans call for 41 parking spaces, four loading docks and two drive-in bays.
Procida Funding provided the construction loan for the project.
“We are very excited to be working with Deugen on this project,” said Brian Foley, partner at Procida Funding. “It’s a great project with a great team.”