By Joshua Burd
Duke Realty has broken ground on a speculative, 662,000-square-foot industrial building in the heart of Newark’s port district.
The real estate investment trust on Thursday announced that construction is underway at the site, located at 429 Delancy St., which is bounded by the New Jersey Turnpike, Interstate 78 and Routes 1 and 9. Completion of the new bulk warehouse property is slated for the fourth quarter.
“Demand for industrial space in northern New Jersey remains high, resulting in rapidly dwindling availability for companies looking for bulk Class A facilities in this premier distribution market,” said Ben Rosen, vice president of leasing and development for Duke Realty in New Jersey. “Our new building will offer tenants a truly unique opportunity to lease a modern bulk distribution facility with unparalleled access to New York City, Port Newark/Elizabeth, Newark Airport and New Jersey’s most important arterial highways.”
Duke said the new property will be visible from Routes 1 and 9 and from the New Jersey Turnpike, sitting 20 minutes from New York City and 10 minutes from Port Newark-Elizabeth. Touting its appeal for e-commerce, port and air cargo users, the developer said the cross-docked warehouse will incorporate 109 dock doors and four drive-in doors, with 40-foot clear height and modern design.
The site also has the potential for rail service via Conrail connectivity, Duke said.