Leaders at CenterPoint Properties say its Class A development near Port Newark-Elizabeth in Linden, New Jersey, is on schedule for an August delivery. According to Ronel Borner, the industrial real estate firm’s senior vice president of development for the East Region, tenant interest in the modern distribution facility has been very strong since the company broke ground last fall. Borner credits the market’s historically low vacancy rates and robust demand for new Class A facilities among various user types as some of the driving forces behind New Jersey-based CODA Logistics and Distribution pre-leasing the facility in mid-March.
David Nenner, CenterPoint’s senior vice president of asset management for the East Region, said his firm’s New York/New Jersey portfolio of more than 7.7 million square feet mirrors the market with just a two percent vacancy rate. Despite the relative leasing slowdown since the fever-pitched height of the pandemic, he says users are still clamoring for highly functional space in the most competitive infill submarkets CenterPoint has targeted for the past decade.
“The users we partner with here are determined to be near the densest population pockets and as close to the ports and regional interstate arteries as we can get them,” Nenner said. “Fortunately, we have facilities that not only fit that bill, but we also have assets that are compelling leasing opportunities in any economic climate and even when supply is plentiful,” he added.
One such building Nenner pointed to is 896 Frelinghuysen Ave. in Newark, which is available August 1. Cushman & Wakefield’s Larry Casey, representing CenterPoint to lease the 5-acre property, expects the unique 82,360-square-foot building will see significant leasing interest this Spring, given its high loading door and car parking count and location right off the New Jersey Turnpike.
Investing in parking-rich sites has clearly been a priority for CenterPoint. The other regional leasing opportunity Nenner touted is a rare availability in the boroughs with dedicated parking at 101-10 Foster Ave. in Brooklyn. CenterPoint has tapped Paul Yuras of DY Realty to lease 42,000 square feet of space in the multi-tenant building, which will be available July 1.
“It’s very exciting to offer our tenants this space with a great clear height [23 feet], coveted off-street parking and loading docks, and 14 doors, surrounded by some of New York City’s most sought-after consumers,” Nenner finished.
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