The new Hudson Valley Logistics Center at 32-34 Patriot Way in East Fishkill, slated for a fall delivery, is slated to bring 540,688 square feet of new industrial space to New York’s Dutchess County. — Rendering courtesy: JLL
By Joshua Burd
A joint venture has leased nearly 541,000 square feet of new logistics space in New York’s Dutchess County, in a deal arranged by JLL’s East Rutherford-based Northeast industrial unit.
Brokers with the firm represented the developers, Bluewater Property Group and Affinius Capital, in the prelease commitment at 32-34 Patriot Way in East Fishkill. They also represented the tenant, an undisclosed global automaker that will occupy the entire 540,688-square-foot property as a new parts distribution hub.
JLL vice chairmen Rob Kossar and David Knee, Executive Managing Director James Panczykowski, Managing Director Dave MacDonald and Vice President Charlotte Belling completed the assignment.
“We are pleased to welcome this new occupier to the Hudson Valley Logistics Center, which will arrive at a pivotal time in a market with a very limited construction pipeline,” said Ryan Kelly, vice president of development at Bluewater Property Group. “Being able to provide vital logistics space at the heart of one of the world’s most densely populated markets will have a direct impact on the local economy and we are privileged to be a part of that.”
Slated for completion this fall, the new facility will have 36-foot clear ceiling heights, 120 dock positions, three drive-in doors and parking for 134 trailers and 212 cars. JLL noted that the site’s location in the Lower Hudson Valley provides the user with easy access to the entire Boston-to-Philadelphia consumer corridor while sitting on top of the New York City metro area.
The deal also comes amid growing interest in the submarket, brokers said, noting that developers and tenants see it as a viable alternative to areas such as Exit 8A and the Lehigh Valley, according to JLL. Absorption for Class A space in the Lower Hudson Valley eclipsed 1.4 million square feet in the first quarter, the firm found, contrasting the activity with 675,230 square feet of negative absorption in the Class B and C segments.
Hudson Valley Logistics Center is immediately off Interstate 84 and is 15 minutes from the confluence with Interstate 87 and the New York State Thruway.
“In a market as dynamic as the Lower Hudson Valley, with truly limited inventory, occupiers are eager to lock in well-located, modern industrial space,” Panczykowski said. “We are thrilled to have been able to complete a transaction with a leading company in a modern facility on an ideal site offering access to the nation’s most densely populated region, with the ability to reach nearly 47 million U.S. consumers in a day’s drive.”
