A pair of top industrial developers offered a glimpse at two of New Jersey’s largest warehouse and logistics projects, detailing plans that would add nearly 7 million square feet across two coveted submarkets.
A lack of new supply in New Jersey’s industrial market led to a year-end slowdown in leasing — despite high demand — setting up another year of robust activity for newly built warehouse and logistics space.
Bridge Development Partners has broken ground on its largest project in New Jersey to date — a 4 million-square-foot logistics park spanning Phillipsburg and Lopatcong along Route 22.
In the brownfield redevelopment universe, industrial projects have no equal thanks to the compound-complex nature of these mega-efforts, which are marked by X factors and uncertainty at every turn. Think of a conductor tasked with guiding a multi-chair symphony orchestra through intricate movements of a complex score — compared to a more simplistic coordination helming a small chamber ensemble. There’s a compelling difference, and thus welcome to the world of the industrial brownfield redevelopment, where multiple stakeholders are tasked with a multitude of boxes to check before any ribbon cutting can commence.
Bridge Development Partners’ highly successful team in New Jersey is heading to Brooklyn, as part of a joint venture that is buying a site with plans to build more than 1.5 million square feet of new industrial space.
CBRE has recognized a well-known New Jersey broker as one of its top producers, naming him the firm’s first-ever vice chairman in the Garden State.
Bridge Development Partners is planning a three-building, 1.7 million-square-foot industrial complex in Somerset County after acquiring parcels from two separate sellers, part of an effort to refill its pipeline in New Jersey after a blockbuster portfolio sale last year.
Duke Realty Corp. has leased 220,200 square feet in Perth Amboy to a furniture delivery and fulfillment service, bringing its recently acquired New Jersey portfolio to full occupancy.
As New Jersey has shown, the industrial sector has become the new darling of commercial real estate in recent years. That was all too clear from the sold-out crowd of more than 850 development executives and other key players who descended on this year’s I.CON event in Jersey City.