Page 8 - Vol.5 No. 7 July 2021

6 JULY 2021
DEVELOPERS INK 481,000 SQ. FT.
LEASE AT LINDEN INDUSTRIAL PARK
space at the complex.”
Lissner represents ownership alongside William Waxman and Kevin Dudley. Jon Casella and David Gheriani, also of CBRE, represented World Distribution Services, which provides logistics solutions with a focus on retail distribution, trans- loading and international and domestic warehouse storage.
Its new facility, located just south of Port Newark-Elizabeth, will serve as WDS’ Northeast distribution center, CBRE said, citing the building’s high- bay racking, a flexible warehouse management system and modern
technology.
The completion of the first two buildings marks the first phase of Linden Logistics Center, where the developers broke ground two years ago. The project is repurposing a former brownfield site that had once housed the likes of DuPont, GAF and American Cyanamid, capitalizing on its proximity to the Turnpike, the port and Newark Liberty International Airport.
Construction on a second phase
is now underway, with full infrastructure build-out for the property expected by mid-year 2021.
A logistics firm has leased more than 480,000 square feet of industrial space in Linden, filling one of two newly completed buildings at a planned 4.1 million-square-foot development.
According to CBRE, the leasing agent for the complex, World Distribution Services is the first tenant to commit to the 350-acre property just west of the New Jersey Turnpike. Advance Realty Investors, Greek Development and PGIM Real Estate are developing what’s known as the Linden Logistics Center, having delivered more than 1.3 million square feet to date.
World Distribution Services will occupy 480,844 square feet at 500 Linden Logistics Way, also known as Building E. CBRE is marketing the other completed structure, Building G, which spans 840,203 square feet.
“The quality of Linden Logistic Center speaks for itself and was the key reason for World Distribution Services’ decision to be the first major tenant at the complex,” CBRE’s Mindy Lissner said. “This deal also demonstrates the dominance of New Jersey’s industrial
market where Class A logistics space is in short supply.
Mindy Lissner
As a result, a distribution facility like Linden won’t stay on the market for very long. We look forward to completing
additional deals for the remaining
Linden Logistics Center Building E, located at 500 Linden Logistics Way, includes 480,844 square feet of a planned 4.1 million-square-foot industrial park in the city.
OFFICE BUILDING ON THE MARKET AS POTENTIAL INDUSTRIAL SITE
A vacant 200,000-square-foot office building in Somerset County is on the market for sale, providing what brokers say is a redevelopment opportunity in a growing industrial submarket.
JLL, which is marketing the property,
is seeking a buyer for a site that spans 12.19 acres off Easton Avenue in the Somerset section of Franklin. Located at 200 Franklin Square Drive, the property has been used as a single- tenant office building for Philips Electronics but will be delivered vacant upon sale, with zoning that includes warehouse and distribution, data centers, self-storage and other uses.
The brokerage team also cited the property’s location about a mile from Interstate 287, which has emerged
in recent years as a new corridor for industrial buildings due in part to
its quick access to the New Jersey Turnpike. According to JLL, Somerset County has 37.9 million square feet
of logistics space overall and roughly 3.3 million square feet delivered since 2010.
“The Somerset industrial submarket has experienced a 4 percent annual increase in base rent over the past decade and 7.1 percent year to date,” JLL wrote in its offering materials. “Given the limited supply, lack of developable land and historic demand, industrial product is poised to continue rent growth especially for quality, Class A product.”
The JLL capital markets team on
the assignment includes Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn, Nicholas Stefans and Alexander Alfier, along with Matthew Pizzolato of the firm’s debt and equity group.
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Courtesy: CBRE