Fresh off another deal with Amazon, Matrix Development Group is hailing the lease-up of a 3.5 million-square-foot logistics park in Staten Island, where it broke ground four years ago as it pushed the boundaries of New Jersey’s booming industrial market.
Modell’s Sporting Goods is relocating to a new logistics and distribution hub in Bordentown after an “exhaustive search” that spanned three states, according to brokers with CBRE.
A pharmaceutical manufacturer has signed a full-building, 233,000-square-foot lease at a Matrix Development Group industrial complex in Cranbury, Cushman & Wakefield announced.
Users in New Jersey’s booming industrial sector have faced a severe lack of supply in recent years, leading to unprecedented rent growth and an unabated race to find development sites. New space is on the way — and plenty of it — with millions of square feet slated to come online in the next two years. Yet market experts say demand will continue to outpace supply, given the continued upside of e-commerce and a race by traditional retailers to update their supply chains.
Matrix Development Group has sold another industrial building in the Exit 7A submarket, HFF announced, commanding $8.5 million for a 76,220-square-foot property in Hamilton.
An investor focused on logistics property has acquired a nearly 45,000-square-foot truck terminal in Hamilton, in a $20.5 million sale by brokers with HFF.
With a limited supply and an increasingly savvy approach to logistics, tenants are pushing the historical boundaries of the New Jersey industrial market and expanding not only westward, but to the southernmost parts of the state and to the east to New York City. As occupiers explore these new frontiers, developers and brokers in New Jersey are following suit with a more regional approach to the warehouse and distribution sector.
As you’ll find out in this month’s cover story, developers and brokers that have long focused on New Jersey are now stretching beyond the traditional boundaries of the state’s industrial market. And they are stretching them in every direction — for different reasons — in their quest to keep pace with tenants that are adopting a more regional approach.
Many of the state’s top commercial brokers gathered recently for an annual event hosted by the Society of Industrial and Office Realtors, where the organization recognized some of the Garden State’s top deals of 2017.
Newark city officials on Wednesday detailed the development sites and office buildings that were included in their 250-page submission to Amazon, which could announce the short list for its coveted second headquarters project by early next year.