An aerial view showing the site of what will become 5 Ethel Blvd., a 194,000-square-foot industrial building on the border of Carlstadt and Wood-Ridge — Courtesy: Duke Realty
By Joshua Burd
Duke Realty is set to begin construction on a new 194,000-square-foot industrial building in the Meadowlands, with delivery slated for early next year.
The real estate investment trust on Monday detailed the speculative project, which straddles Carlstadt and Wood-Ridge at 5 Ethel Blvd. With an expected February 2019 completion date, Duke is banking on the lack of supply in the submarket and the demand for a logistics facility that will have 36-foot clear heights, 61 staging bays and other features.
“Industrial demand in northern New Jersey and the Meadowlands continues to be strong as companies seek out distribution space in close proximity to the populous New York City metro area,” said Ben Rosen, the company’s vice president of leasing and development in New Jersey. “However, there are very few functional availabilities in the market, including in our own portfolio.
“With 5 Ethel Boulevard, Duke Realty will be well-positioned to meet the needs of users looking for well-located, modern space on the doorstep of New York City.”
Brokers with JLL are marketing the project, which is also slated to include 27 dock doors and ample trailer and car parking. The property, which is 10 miles from Manhattan and 15 miles from Port Newark-Elizabeth, sits just off Route 17 and less than a half-mile from the Wood-Ridge train station.
The site is also close to several other highways, including the New Jersey Turnpike, Interstate 80 and Route 46, while it has the potential for Norfolk Southern rail connectivity, the developer said.
Duke, which is based in Indianapolis, owns or has under development 5.7 million square feet of industrial property in New Jersey. The firm acquired the 5 Ethel Blvd. parcel last year as part of a high-profile, multistate portfolio acquisition from Bridge Development Partners.
