By Joshua Burd
Home Depot will lease more than 1 million square feet from Duke Realty Corp. at a redevelopment site in Perth Amboy, occupying two buildings as the company seeks to overhaul its supply chain.
The developer and local officials announced last week that Home Depot U.S.A. Inc. has committed to two leases totaling 1.3 million square feet. Duke will build the facilities at what’s known as the Steel Run Logistics Center, an infill, waterfront redevelopment site with quick access to the Garden State Parkway, the New Jersey Turnpike and routes 9, 35 and 440.
“Home Depot’s investment with us is part of their previously announced $1.2 billion supply-chain overhaul to enhance delivery to consumer and commercial customers in one day or less,” Duke wrote last week in second-quarter earnings report. “We are pleased to continue providing customized supply chain facility solutions and service to one of our leading customers.”
Local officials hailed the deal as a triumph for another brownfield site in the city, one that will have undergone extensive remediation by the time the project opens. The 92-acre site formerly housed an abandoned steel mill as part of Perth Amboy’s legacy of manufacturing businesses.
The Home Depot project is now slated to generate 400 to 600 jobs and new public amenities, published reports said, with completion slated for late 2020.
The site is also minutes from another large industrial park in the city, developed by Bridge Development Partners, which leased 718,000 square feet to Target in 2017 before ultimately selling the complex to Duke. Meantime, the city recently welcomed The RealReal, an online luxury consignment shop, to a 490,000-square-foot distribution center owned by Prologis.
“We have facilitated significant expansion in the city of Perth Amboy through the redevelopment of brownfields,” Mayor Wilda Diaz said, according to reports. “It has fueled job creation and economic growth in the past few years. Through the work of the Redevelopment Agency and the confidence of our investors we have attracted several outstanding businesses this past year, including Target, The RealReal and we are pleased to welcome our latest investor, Home Depot, to Perth Amboy.”
https://re-nj.com/the-realreal-opens-490000-sq-ft-e-commerce-center-in-perth-amboy/
