By Joshua Burd
Lincoln Equities Group has purchased the site of a 295,000-square-foot industrial property in Belleville that it now plans to redevelop as a modern logistics facility, according to brokers with Lee & Associates New Jersey.
Currently home to what’s known as the Belleville Industrial Center, the 15.25-acre parcel is located at 681 Main St. and adjacent to Route 21, providing quick access to the Lincoln Tunnel, Route 3 and other major arteries in northern New Jersey. The brokerage team noted that the Ellis family had owned and operated the complex since the 1970s, but opted to sell the property for $13 million amid the surging demand for development parcels.
Lee & Associates New Jersey’s Jason Lynch and Troy Wisse represented Belleville Industrial Center Inc. in the sale to Lincoln Equities Group, which is developing several high-profile distribution centers in the region.
“This disposition was especially meaningful as Lee & Associates was, once again, was able to help a family business capitalize on historically high demand for industrial land,” Lynch said. “Lincoln Equities was the right buyer for this asset. They had the expertise necessary to navigate the site’s unique challenges.”
The developer’s exact plans for the site were not immediately clear Wednesday, although Lee & Associates said LEG has committed to remediating and redeveloping the property into modern warehousing. With demand for industrial space soaring and vacancy at record lows, Route 21 has caught the eye of developers in recent years as they search for new sites along key highways.
To that end, Bridge Industrial announced last year that it had broken ground on nearly 360,000 square feet of new industrial space at a neighboring property, 675 Main St., where it’s redeveloping the former site of a blighted manufacturing facility. Its plans call for a high-end logistics facility with 40-foot clear ceiling heights, 58 rear-loading docks and parking for up to 160 cars and 94 trucks.