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EX-NOVARTIS SITE IN EAST HANOVER TO BECOME FREEZER WAREHOUSE
will allow it to reach 60 million people and 100 million people on a next-day and two-day parcel service, respectively.
RealCold’s other projects include a 386,000-square-foot facility
in Lakeland, Florida, and a
312,000-square-foot facility in Lockhart, Texas, with both slated for occupancy in the first quarter of 2025. Upon completion of all three new facilities, RealCold will have nearly 1.6 million square feet of space, giving it
a top 10 footprint in the refrigerated warehouse sector.
A cold storage developer has announced plans for a new 380,000-square-foot temperature- controlled warehouse at a former piece of the Novartis Corp. campus in East Hanover.
The operator, RealCold, said it was partnering with site owners Onyx Equities and Russo Development to build the facility along Route 10, with completion slated for late 2025. Its plans call for a space with 50-foot clear ceiling heights and environmentally controlled rooms ranging from minus 20 to 55 degrees Fahrenheit, plus more than 40 dock doors for inbound and outbound loading and dedicated areas for value-added services.
Known as High Point on 10, the warehouse will allow RealCold
to service the tristate area’s cold
chain needs, including frozen and refrigerated goods going to and from a port district that’s less than 30 minutes away, according to a news release. Its sponsor, Related Fund Management, and its partners are also planning 200,000 square feet of so-called ambient warehouse space that will be available to third parties or RealCold customers with a need for ambient or cooler space.
“Prior to East Hanover, RealCold already had a robust and far-reaching network, but expanding to the Northeast was always part of our roadmap,” RealCold CEO Keith Goldsmith said. “The completion of this transaction marks a significant milestone in our strategy of entering high-consumption markets, and more importantly fulfills a need voiced by our current and potential customers.
“Additionally, this facility will provide a critical hub for omnichannel fulfillment as it increases RealCold’s reach, allowing us to get our customers’ products in the hands of 97 percent of U.S. consumers in two days or less as part of our powerful (direct- to-consumer) program.”
News of the project comes three years after Russo and Onyx acquired the 62-acre site at Route 10 and Ridgedale Avenue, with plans to raze some 900,000 square feet of vacant office space to make way for two modern industrial buildings. The property is now set to become RealCold’s growing third new-build facility in the last
12 months, expanding upon its five existing operational facilities.
In the news release, the developer named Onyx and Russo as partners alongside capital from Related Fund Management. It noted that the facility
A development team has razed some 900,000 square feet of vacant office space at the former Novartis Corp. campus in East Hanover to make way for new freezer warehouse space.
HILLWOOD, WDG BREAK GROUND ON BORDENTOWN LOGISTICS PROJECT
Hillwood on this landmark development,” said Tosh Wolfe, managing principal of WDG Logistic Partners. “We selected Hillwood as our partner, based on their track record of success and impeccable reputation. The entire Hillwood team has delivered immense value and exceeded expectations at
every turn. We couldn’t be happier. Bordentown Crossroads is ideally timed for the market, offering unparalleled access and state-of-the- art facilities to prospective tenants.”
Bordentown Crossroads will be between Rising Sun Road and Dunns Mill Road.
“The New Jersey industrial market is in high demand, and Bordentown Crossroads is ideally positioned
to meet the needs of modern logistics operations,” said Kyle Eaton, a senior managing director with Newmark. “We are excited to work with Hillwood to bring this exceptional property to market.” RE
Global development firm Hillwood has broken ground on a nearly 180,000-square-foot logistics center in Bordentown, its first in New Jersey under a newly opened office in the region.
Known as Bordentown Crossroads, the speculative project at 1 Bordentown Bypass is part of a partnership with WDG Logistics. It’s now marketing the 179,800-square- foot rear-load distribution center alongside brokers with Newmark, with completion slated for next spring, touting a facility that is just off Route 130 and Interstate 295 and minutes from New Jersey Turnpike Exit 7.
“We are thrilled to launch Bordentown Crossroads as our first speculative development from our
New Jersey office,” said Hillwood Senior Vice President Ben Rosen, the firm’s market leader in the region. “This project highlights
our commitment to expanding
our presence in the Northeast and delivering top-tier logistics facilities in strategic locations.”
According to a news release, Bordentown Crossroads will have 30 dock doors, 36-foot clear ceiling heights, column spacing of 54 by
50 feet and parking for 30 trailers and 94 cars. Users in the region are also minutes Route 206 and have easy access to the major population centers of New Jersey, New York and Philadelphia, while some 40 percent of U.S. consumers are within a day’s drive of the location.
“We are proud to partner with
Hillwood has partnered with WDG Logistics to break ground on a new 179,800-square-foot industrial building at 1 Bordentown Bypass in Bordentown.
Courtesy: Hillwood Courtesy: RealCold