A development team has secured more than $100 million in financing for the first two buildings in a planned 3.2 million-square-foot industrial park in Gloucester County.
Industrial leasing stayed strong in New Jersey ahead of the COVID-19 outbreak, as experts now wait to determine the long-term impact of the pandemic on the state’s surging market for warehouse and distribution space.
A fulfillment and logistics firm will be the latest tenant at a new three-building, 1.3 million-square-foot industrial complex in Perth Amboy acquired by Duke Realty late last year.
A veteran broker with CBRE was the firm’s top industrial producer in the Americas in 2017, with a series of deals headlined by high-profile transactions in Edison and Perth Amboy.
Target has leased 48,000 square feet in Haddon Township, where one of the company’s new small-format stores will anchor a repositioning project being overseen by Kimco Realty Corp.
The swell of cargo volume at the Port of New York and New Jersey has fueled the Garden State’s lowest industrial vacancy in more than 15 years, according to Transwestern, as rents continue to rise and leasing activity continues at a torrid pace.