Plans for a new 70,000-square-foot industrial project at 125 Pompton Plains Crossroad in Wayne call for a facility with 12 loading docks and 40-foot clear ceiling heights. — Rendering courtesy: March Construction
By Joshua Burd
Construction is set to begin on nearly 70,000 square feet of new industrial space in Wayne, helping to repurpose a site that’s long housed a storage yard for trucks and other equipment.
The developer, an affiliate of March Construction, said it has closed on $11.6 million in financing for the project at 125 Pompton Plains Crossroad, a six-acre site that’s less than a half-mile from both Route 23 and Route 202. Loan proceeds are funding the land purchase and construction, which is set to begin later this month, with plans calling for a facility with 12 loading docks and 40-foot clear ceiling heights.
Bridget Wilcox of G.S. Wilcox & Co. sourced the loan with Kearny Bank, working on behalf of 125 Pompton Plains Crossroads LLC.
“This site has been an eyesore in town forever and is very favorably located for a warehouse development,” said Louie March, managing director of asset management for Wayne-based March Construction. “We are proud to bring another first-class project to Wayne and excited to get started.”
The project will redevelop a lot that has three aging buildings and has served as a storage yard for industrial vehicles and equipment, according to TAPintoWayne. March Construction is now marketing the modern industrial space that it’s set to deliver as soon as the fourth quarter of this year, working alongside Cushman & Wakefield’s Tom Tucci and Torsten Thaller.
The project team also includes Bohler Engineering as civil engineer and Anderson Design Group as its architect.
“Given the volatility in the construction financing market, particularly for spec warehouse, we were thrilled to deliver such favorable terms for our client,” said Wilcox, a partner with Morristown-based G.S. Wilcox. “All parties involved worked diligently to deliver a swift and successful execution.”