Plans for Joyce Kilmer Logistics Center call for 195,421 square feet of high-end logistics space at 701 Joyce Kilmer Ave. in New Brunswick. — Rendering courtesy: Cushman & Wakefield
By Joshua Burd
Faropoint and Deugen Development have closed on a $33 million construction loan for a new two-building industrial project in New Brunswick, in a deal arranged by Cushman & Wakefield.
According to a news release, the joint venture is eyeing a late 2026 delivery for the 195,421-square-foot complex at 701 Joyce Kilmer Ave. Plans call for modern warehouse features such as 36-foot clear ceiling heights, 32 loading docks and electric vehicle parking spaces, while both buildings will incorporate modern office space.
Construction is moving ahead with the help of the newly announced financing from Bank Hapoalim, which was sourced by Cushman & Wakefield’s Brad Domenico, Frank Stanislaski, and Jack Subers.
“The Exit 9 industrial corridor has become a gateway for commerce in the Northeast and has benefited from a rapid surge in demand for modern industrial facilities, driven by ecommerce growth and supply chain optimization,” Domenico said. “This deal highlights the growing investor confidence in this particular industrial market, which touts location as its most attractive attribute for investors and tenants alike.”
The firms added that tenants at the Joyce Kilmer Logistics Center will be minutes from the New Jersey Turnpike and Route 1, providing quick access to major consumer markets like New York City and Philadelphia.
“We are fortunate to have partners like Deugen Development, BHI Bank and the City of New Brunswick on this exciting project,” said Itay Ron, Northeast managing director at Faropoint. “Our ability to develop small to medium-sized industrial assets in markets where strong demand exists fits well with our investing philosophy and allows us to diversify our product offering to existing and prospective tenants.”
Orry Michael, vice president of Northeast acquisitions at Faropoint, added: “There is limited supply of new Class A product with suites under 100,000 square feet in this Exit 9 micro-location. Joyce Kilmer Logistics Center stands out with the flexibility to demise into 40,000- to 50,000-square-foot suites, catering to rising demand from midsized users seeking modern functionality in one of the Northeast’s most strategic industrial corridors. We’re proud to partner with Deugen Development, a longstanding relationship with a team that brings four generations of New Jersey construction expertise and deep local knowledge to this project.”
