Plans for Garden State Logistics Park in Pennsville call for warehouses of 1,200,507 and 512,442 square feet, in a location just south of the Delaware Memorial Bridge. — Courtesy: CT Realty
By Joshua Burd
CT Realty and PGIM Real Estate have acquired 282 acres in Salem County for a plan to develop a two-building, 1.7 million-square-foot industrial park at the Delaware Memorial Bridge.
The firms, which have already started work at the Pennsville site, say they’re eyeing a fall 2023 delivery for a project that will include warehouses of about 1.2 million and 512,442 square feet, with 40-foot clear heights and either cross-docked or front-loaded building configurations. The project will redevelop the onetime site of a well-known power plant on North Broadway, in the township’s Deepwater section, about a half-mile south of Interstate 295 and the approach to the bridge.
CBRE’s Brian Fuimara brokered the land sale, the terms of which were not disclosed. The firm will also market the so-called Garden State Logistics Park for lease or sale through its New Jersey and Philadelphia offices.
“This is an exceptionally rare opportunity to assemble a critical mass of land and create a top-flight logistics project in the second largest industrial market in the country,” said Rob Huthnance, who oversees CT’s development activity in the eastern U.S. “This project is at the gateway to southern New Jersey and will serve as a distribution hub for the entire Northeast, able to serve 66 million consumers in a single day’s truck drive.”
CT Realty is a Newport Beach, California-based company seeking to grow its portfolio of logistics properties nationwide. It will do so in Pennsville with the help of a payment in lieu of taxes agreement with the municipality, which it says will defray the project costs.
The development is also the latest sign that industrial owners, seeking large-scale sites, have grown increasingly comfortable with projects in New Jersey’s southernmost regions.
“In an ultra-tight industrial market marked by upward pressure on rents, the PILOT designation produces a meaningful cost savings for large tenants,” Huthnance said. “The ability to deliver this tax benefit in brand new building designs with cutting-edge functionality presents a compelling case for this project.”
