A joint venture has completed construction on a new 140,000-square-foot cold storage facility on the border of Newark and Elizabeth, the project’s design team announced Tuesday.
Three of the state’s well-known commercial real estate firms have acquired a multi-building, 77,000-square-foot industrial complex just west of Newark Liberty International Airport.
An acclaimed restaurateur in Harlem is expanding to Newark, with a location that will mark another step in Fidelco Realty Group’s plan to revitalize a well-known office building.
A youth mentoring organization is moving to a well-known Newark office tower after inking a lease with The Fidelco Group, the owner of the historic building.
A cold storage provider has opened a new 140,000-square-foot facility at the border of Elizabeth and Newark, in a project that brought together two well-known New Jersey developers.
The debate over New Jersey’s corporate incentive programs has been well-chronicled in recent years, but regardless of where you fall on the issue, there’s no denying their influence on the state’s commercial real estate market. That influence was all but gone for two years after Grow New Jersey and other subsidy programs were allowed to expire in summer 2019, with no immediate replacements in sight until Gov. Phil Murphy and lawmakers agreed on new incentives late last year. The state is now putting those offerings to work, starting with the jobs-based Emerge program that will fill the void left by Grow New Jersey.
Fidelco Realty Group is revitalizing a well-known office tower in downtown Newark at a cost of more than $30 million, with plans that include a sweeping physical upgrade, the addition of a new bar and restaurant and the creation of flexible workspace to serve technology startups. — All renderings courtesy: Fidelco/Perkins Eastman
A development team has secured a $34 million construction loan for a new 140,000-square-foot cold storage building on the border of Elizabeth and Newark, in a deal arranged by JLL.
Construction is underway on a new 140,000-square-foot freezer warehouse facility that will bring new life to an abandoned industrial site on the border of Elizabeth and Newark.
Demand for cold storage warehouse space nationwide, and particularly in the Garden State, is on fire, largely because of rising online fresh grocery sales and changing consumer preferences for fresher foods. Meeting that demand could prove challenging — given the cost and complexity of such projects and the need for specialization — but some developers are positioning themselves to be ready when users come calling.