Hines has selected NAI James E. Hanson as exclusive leasing agent for Newark Distribution Center, an industrial campus totaling 716,158 square feet in Newark, N.J.
Hines purchased the three-building industrial portfolio earlier this year, for $127 million. The property changed hands from sellers Turnbridge Equities and Long Wharf Capital, with acquisition financing provided by Sumitomo Mitsui Banking Corp., CommercialEdge data shows.
Located at 400 Ferry St,, 100 Christie St. and 397-447 Ferry St., the latter building is the largest of the three, at 635,482 square feet of space. Originally built as a brewery in 1900, the campus includes clear heights between 13 and 77 feet, 80 vehicle parking spots, 68 dock doors and an additional 23,302-square-foot site for trailer parking. The third building includes 24-foot clear heights, four loading dock doors and currently has some 48,000 square feet of space available for lease.
Situated on a 19.4-acre site, within an Opportunity Zone and close to Interstate 95, Newark Distribution Center is 5 miles from Newark Liberty International Airport, 5.8 miles from Port Newark-Elizabeth, 9 miles from New York City and within 12 miles of Red Hook Terminal in Brooklyn.
The NAI James E. Hanson team of Vice Presidents Russell Verducci and Eric Demmers will be providing leasing services. Present tenants at the property include Peerless, One Stop Logistics and Red Trucking.
New Jersey industrial market leads the Northeast
According to a recent CommercialEdge report, New Jersey has the tightest industrial market in the Northeast, with vacancy at 3.1 percent as of May. With year-over-year rent growth at 10 percent, New Jersey also recorded one of the largest sales volume in the region, with $684 million on a year-to-date basis through May, with the highest sale price per square foot, at $217.
Earlier in June, Hilco Redevelopment Partners secured a 80,000-square-foot, long-term lease at its redevelopment project nearby, HRP Hudson Logistics Park in Jersey City, N.J. Global logistics company DB Schenker will occupy an entire building.