By Joshua Burd
Construction is underway on a nearly 190,000-square-foot distribution center in South Brunswick, the second of three phases in a planned industrial complex off New Jersey Turnpike Exit 8A.
The developer, a joint venture of Clarion Partners and F. Greek Development, began work late last month at the latest site. Scheduled for completion in May 2017, the building will feature cross-dock loading, 36-foot clear height ceilings and dedicated trailer parking.
The project marks the second phase of what’s known as Park 130, the developers said in a news release. The first phase, a 496,320-square-foot building with similar design features, was recently completed.
Approvals are also in place for a third phase, which calls for a 296,000-square-foot rear-load facility. Clarion Partners is acting on behalf of a commingled fund managed by the firm.
“We continue to see strong demand for, and limited availability of modern, Class A industrial space in this market,” Joe Zingaro, a vice president at Clarion Partners, said in a prepared statement. “Park 130 offers unique flexibility to a variety of users, with options ranging from 75,000 (square feet) to 500,000 (square feet) all within a master-planned park setting. We are very pleased to continue expanding our New Jersey portfolio.”
For Clarion Partners, an Atlanta-based company, it’s part of a growing footprint in the state’s surging industrial market. The developer said it has now built and leased around 2 million square feet of warehouse and distribution space in the past two years.
Vacancy continues to tighten in submarkets such as Exit 8A, despite new construction, as tenants seek modern big-box space in major regional distribution hubs.
“The design of the park meshes very well with both the existing tenant universe and available inventory in the market,” said David Greek of F. Greek Development. “As a result, we are experiencing significant interest from tenants of all sizes, especially from those seeking space less than 200,000 square feet.
“We believe that these users are underserved in the current environment.”
Jones Lang LaSalle is the leasing team for the project.
