Brookfield Properties’ 4 new additions in Northern New Jersey. Picture courtesy of Brookfield Properties
Brookfield Properties has closed on the acquisition of the Liberty Commerce Heart improvement web site in Jersey Metropolis, N.J., the newest transfer in a string of land purchases totaling 58 acres in Northern New Jersey. Plans name for the development of almost 1 million sq. ft of Class A distribution house throughout 4 initiatives.
Located at 84 Harbor Drive, Liberty Commerce Heart would be the largest of the brand new developments. The 20.5-acre web site is only one mile from the Port Jersey and the International Container Terminal Bayonne and solely quarter-hour from New York Metropolis and Port Newark-Elizabeth.
The event will encompass a 414,368-square-foot distribution facility with 42-foot clear heights. Development on Liberty Commerce Heart is slated to begin within the first quarter of subsequent 12 months, with supply by the second quarter of 2025.
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The same-size web site with a special improvement plan is Elizabeth Metropolitan Logistics Heart, at 891 Newark Ave. in Elizabeth, N.J. The 20-acre parcel is off Exit 13A of I-78, 20 minutes from New York Metropolis, two minutes from Newark Liberty Worldwide Airport and three minutes from the Port Newark-Elizabeth.
Development is scheduled to start within the third quarter, and on completion the venture will embody 196,200- and 103,500-square-foot LEED-certified distribution amenities with 40-foot clear heights.
Brookfield notes that Port Newark-Elizabeth has seen a 30 p.c enhance in container quantity in comparison with pre-COVID ranges, from 7.5 million to 10 million TEUs per 12 months, on account of shippers diversifying their ports of entry on the East Coast.
The 2 smaller improvement initiatives are the 9.4-acre Montrose 287 Logistics Heart, at 800 Montrose Ave. in South Plainfield, N.J., (a 112,191-square-foot distribution facility with 36-foot clear heights) and the 8.3-acre Union Distribution Heart, at 901 Lehigh Ave. in Union, N.J., (a 151,923-square-foot Class A distribution facility that includes 36-foot clear heights).
Report New Jersey industrial building
Statewide, New Jersey’s industrial house market is seeing a document quantity of building exercise, 28.7 million sq. ft, in line with a fourth-quarter report from JLL.
The Northern New Jersey warehouse/distribution house market has a 5.7 p.c complete availability on a list of 272.6 million sq. ft. Absorption for 2022 was almost 4.6 million sq. ft, which was nearly precisely the whole delivered within the area final 12 months.
An extra 9 million sq. ft was below building in Northern New Jersey as of year-end, JLL reported. The typical asking hire is $20.38.
One indicator of the distribution sector’s exercise is the very current prelease signed by third-party logistics supplier CODA Logistics and Distribution for CenterPoint Properties’ 321,765-square-foot Class A industrial improvement in Linden, N.J. The venture, at 1501 W. Edgar Street, is predicted to be accomplished in August.
