Passaic Logistics Center at 26 Jefferson St. in Passaic — Courtesy: IDI Logistics
By Joshua Burd
IDI Logistics has secured a full-building commitment at a newly built industrial building in Passaic, leasing more than 100,000 square feet to a home improvement giant.
The Atlanta-based developer said its Passaic Logistics Center, located at 26 Jefferson St., spans 111,111 square feet with frontage on Route 21. The company on Tuesday announced a lease with what it only described as a Fortune 50 retailer, but a market report by CBRE identified the tenant as Lowes.
David Knee and Chris Hile of JLL represented IDI Logistics in the deal.
“We are excited to welcome a major retailer to our newly constructed facility in Passaic,” said Justin Burns, IDI’s Northeast market officer. “The building’s location and proximity to the dense population base of northern New Jersey and the surrounding New York metro area made it an ideal choice. The tenant valued the high visibility from Route 21 and IDI Logistics’ first-class building design and construction.”
The facility has revitalized the long-blighted former Pantasote Leather Co. factory in the city, following a sizable environmental remediation to pave the way for redevelopment by IDI. The firm was drawn to the site thanks in part to its proximity to interstates 80 and 95, which places it within one day’s drive of 60 percent of the U.S. population.
The lease at Passaic Logistics Center is the tenant’s first in the northern New Jersey market, IDI said. It will use the space as a last-mile distribution center for home improvement products.
