Page 7 - 2021 Spotlight NJ's Top Law Firms

UPS COMING TO 880,000 SQ. FT. LOGISTICS CENTER IN BAYONNE
site and great news for Bayonne’s families,” U.S. Sen. Bob Menendez said in the city’s announcement. “I applaud Mayor Davis and
REALESTATENJTM 5 his council for their continued
leadership in attracting new, good-paying jobs and economic opportunities to the city.”
A new UPS distribution center is coming to Lincoln Equities Group’s sprawling new industrial park in Bayonne, where officials say the carrier would lease nearly 900,000 square feet.
The transaction, which was revealed in early February, is moving forward after the city planning board approved a site plan amendment to allow LEG to build the facility just north of Port Terminal Boulevard. The 880,000-square-foot structure would house UPS as a tenant,
local officials said, while bringing more than 1,000 jobs to a 153-acre stretch of the former Military Ocean Terminal at Bayonne, or MOTBY.
City leaders hailed the project ahead of a Feb. 9 planning board meeting.
“When I first became mayor in 2014, the development of MOTBY and bringing jobs back to Bayonne were my top priorities,” Mayor James Davis said in a prepared statement. “This project with UPS helps me accomplish both, and is not only good for Bayonne but for the entire region.”
Dubbed Lincoln Logistics Bayonne, the massive waterfront project is several years in the making. Lincoln Equities Group joined local officials in early 2018 to unveil its plans, which would repurpose a former U.S. Navy repair base, before razing the site’s existing structures and preparing it for new construction.
In a Feb. 10 statement, the developer did not reference a tenant by name, but said it was “thrilled to announce substantial progress” at the Lincoln Logistics Bayonne site.
“At nearly 153 acres, this is one of the largest industrial projects in New Jersey
in the past
year, and is
strategically
located just
eight miles from
the Holland
Tunnel,” said
Joel Bergstein,
president of
Lincoln Equities Group. “Operation at the site will bring new jobs to the city and will be an economic boon for the region.”
Prior to redevelopment, the site
sat dormant for more than a
decade, but will likely capitalize
on its proximity to Newark Liberty International Airport, New York City and the Global Container Terminal to the north. The East Rutherford- based developer and its brokers have said they envision 1 million square feet of new industrial space at the property, which has direct water and wharf access with roll-on and roll-off capabilities.
“This is a welcomed addition to the revitalization of the former MOTBY
The Bayonne Bridge
Foundations built on a trusted relationship.
Since 1921, we have built long-standing relationships where creativity, flexibility, commitment and trust grow along with economic and business needs.
$15,000,000
30,000 SF Mixed-Use Building Hudson County, NJ
$14,000,000
90,000 SF Retail Shopping Center Somerset County, NJ
COMMERCIAL REAL ESTATE LOANS
$17,400,000
90,000 SF Retail Shopping Center Middlesex County, NJ
$25,000,000
300-unit Sr. Housing Complex Bergen County, NJ
$10,500,000
80,000 SF Medical Office Building Union County, NJ
$14,500,000
159-unit Apartment Complex Lehigh County, PA
Please contact one of our Commercial Private Bankers for a personalized loan evaluation:
Deborah Heins Senior Managing Director 908-719-6546
dheins@pgbank.com
Marc Magliaro Senior Managing Director 908-306-8823 mmagliaro@pgbank.com
Randy Williams Senior Managing Director 908-719-6540 rwilliams@pgbank.com
Visit pgbank.com for more information.
Joel Bergstein