By Joshua Burd
Hartz Mountain Industries is planning some 515,000 square feet of new industrial space in Teterboro after recently completing a 30-acre assemblage along Route 17.
The developer, which is based in nearby Secaucus, is slated to build the project on a site that is currently home to a Quest Diagnostics laboratory complex. The new logistics facility will occupy 1 and 7 Malcom Drive, which also includes a parcel that Hartz acquired last month from Prologis, on a site that is directly adjacent to Teterboro Airport.
Gus Milano, Hartz Mountain’s president and chief operating officer, said the project is part of its still-growing industrial pipeline.
“We’ve always been in the industrial market and it’s really been our prime asset class since I’ve been here,” said Milano, who joined the firm in 1981. “That’s been expanding.”
The firm acquired 1 Malcom Ave. in late 2019 and signed a short-term, 325,000-square-foot leaseback with Quest, which will move to a newly built lab building in Clifton at Prism Capital Partners’ ON3 complex later this year. With its recent purchase of the adjacent parcel, Hartz Mountain’s plans now call for a modern, cross-docked industrial facility with 40-foot clear ceiling heights and immediate access to the region’s vast highway network.
The site located directly east of Route 17 and just south of Route 46 and Interstate 80. It’s also minutes from Route 3 and the New Jersey Turnpike.
CBRE brokered the sale of the Malcom Avenue property, Milano said.