Newark Distribution Center on Ferry Street in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
Global real estate firm Hines has tapped NAI James E. Hanson as its leasing agent for more than 700,000 square feet of industrial space in Newark’s Ironbound section.
Known as Newark Distribution Center, the complex spans three buildings less than a mile from the intersection of Route 1&9 and the New Jersey Turnpike. The largest among them is 399-447 Ferry St., a 635,482-square-foot building with 24-foot clear ceiling heights and four loading docks, with 48,000 square feet currently available for lease.
NAI Hanson’s Russell Verducci and Eric Demmers are leading the assignment at the 716,158-square-foot complex, where they’re marketing to users with logistics, fulfillment or warehousing needs. They added that the property sits in a federal Opportunity Zone, making it eligible for tax benefits, and is less than three miles from Port Newark.
“Finding any industrial space in the Port Newark area is a tall task in the current competitive market conditions,” Verducci said. “Newark Distribution Center’s ideal location, institutional ownership and flexible design ensure it stands out in such a tight market. We are excited to bring this rare opportunity to the market and help our client secure a high-quality tenant for their space.”
The announcement comes around six months after Hines purchased the former P. Ballantine and Sons Brewing Co. property, which spans 19.4 acres, from Turnbridge vEquities and Long Wharf Capital for $127.5 million.
Turnbridge, Long Wharf sell Newark logistics complex for $128 million
