Newark Distribution Middle. Picture courtesy of NAI James E. Hanson
Hines has chosen NAI James E. Hanson as unique leasing agent for Newark Distribution Middle, an industrial campus totaling 716,158 sq. toes in Newark, N.J.
Hines bought the three-building industrial portfolio earlier this 12 months, for $127 million. The property modified arms from sellers Turnbridge Equities and Lengthy Wharf Capital, with acquisition financing supplied by Sumitomo Mitsui Banking Corp., CommercialEdge knowledge reveals.
Positioned at 400 Ferry St,, 100 Christie St. and 397-447 Ferry St., the latter constructing is the biggest of the three, at 635,482 sq. toes of area. Initially constructed as a brewery in 1900, the campus contains clear heights between 13 and 77 toes, 80 car parking spots, 68 dock doorways and an extra 23,302-square-foot web site for trailer parking. The third constructing contains 24-foot clear heights, 4 loading dock doorways and presently has some 48,000 sq. toes of area accessible for lease.
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Located on a 19.4-acre web site, inside an Alternative Zone and near Interstate 95, Newark Distribution Middle is 5 miles from Newark Liberty Worldwide Airport, 5.8 miles from Port Newark-Elizabeth, 9 miles from New York Metropolis and inside 12 miles of Purple Hook Terminal in Brooklyn.
The NAI James E. Hanson crew of Vice Presidents Russell Verducci and Eric Demmers might be offering leasing companies. Current tenants on the property embody Peerless, One Cease Logistics and Purple Trucking.
New Jersey industrial market leads the Northeast
In response to a latest CommercialEdge report, New Jersey has the tightest industrial market within the Northeast, with emptiness at 3.1 p.c as of Could. With year-over-year lease progress at 10 p.c, New Jersey additionally recorded one of many largest gross sales quantity within the area, with $684 million on a year-to-date foundation by means of Could, with the very best sale worth per sq. foot, at $217.
Earlier in June, Hilco Redevelopment Companions secured a 80,000-square-foot, long-term lease at its redevelopment undertaking close by, HRP Hudson Logistics Park in Jersey Metropolis, N.J. World logistics firm DB Schenker will occupy a complete constructing.
