Jones Lang LaSalle

GlobeSt.com EXCLUSIVE: CBRE Picks Up Nearly 2M-SF Assignment
By Eric Peterson
Last updated: January 31, 2006 02:56pm

(To read more on the industrial market, click here.)
JERSEY CITY-Owner Rreef has handed out the exclusive assignment for its Port Jersey Industrial Park here, opting for CB Richard Ellis to handle the sprawling property, GlobeSt.com has learned. The firm has the leasing exclusive for the property, and will manage it for Rreef as well. Altogether, Port Jersey Industrial Park encompasses a total of 1.5 million sf in eight buildings.

Handling the assignment for CBRE on behalf of Rreef will be senior vice president William Waxman, first vice president Gary Capetta, vice presidents Nicholas Nitti and Matthew Corpuel and senior associate Carrie Brown. On the leasing side of the assignment, Port Jersey Industrial Park currently has a total of 602,000 sf available, according to David Nenner, vice president and district manager for Rreef, which has a local office in Hackensack.

“Port Jersey Industrial Park is located within the Port Newark market,” Waxman points out. “We believe that with the strength of the Port market, the property will yield positive results over the next several months.”

Positioned at the Jersey City end of the sprawling Port of Newark and Elizabeth, all of the park’s buildings have rail access, according to Nenner. The park’s tenant roster currently includes East Coast Logistics, Star Snax and Phoenix Warehouse Inc., all of which operate warehouse and distribution facilities. The available space “is divisible to varying sizes,” Waxman says.