Jones Lang LaSalle
NKF Gets 1M-SF Industrial Assignment
By Sean Ryan
Sean Ryan is associate editor of Real Estate New Jersey.
(To read more on the industrial market, click here.)
PERTH AMBOY, NJ-The 1.1-million-sf Amboy Corporate Center, currently under construction on spec by the Morris Cos., will be marketed by Newmark Knight Frank. Morris started construction on the first 614,500-sf building on the 70-acre site earlier this spring. Construction on the second 517,000-sf building is scheduled to start in less than 12 months.
The complex is part of the Chevron Asphalt Refinery surplus properties, which Morris bought from Chevron last year. The project is part of the Portfields Initiative. Additionally, all of Perth Amboy has been designated an Urban Enterprise Zone.
"This is one of the first in a generation of major industrial projects on large redevelopment sites north of Exit 11," says William J. Cariste, principal for NKF. He, along with fellow principals Daniel Frankel and Doug Bansbach will be marketing the space to new users. "Our port facilities in Newark and Elizabeth handle some of the country’s largest import shipping volumes, yet less than 5% of the building inventory north of Exit 11 consists of truly modern distribution buildings," Cariste says. "Since port proximity means transportation savings and overseas shipping volumes continue to grow, the timing and location needs have converged to usher in a new round of development."
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
NKF Gets 1M-SF Industrial Assignment
By Sean Ryan
Sean Ryan is associate editor of Real Estate New Jersey.
(To read more on the industrial market, click here.)
PERTH AMBOY, NJ-The 1.1-million-sf Amboy Corporate Center, currently under construction on spec by the Morris Cos., will be marketed by Newmark Knight Frank. Morris started construction on the first 614,500-sf building on the 70-acre site earlier this spring. Construction on the second 517,000-sf building is scheduled to start in less than 12 months.
The complex is part of the Chevron Asphalt Refinery surplus properties, which Morris bought from Chevron last year. The project is part of the Portfields Initiative. Additionally, all of Perth Amboy has been designated an Urban Enterprise Zone.
"This is one of the first in a generation of major industrial projects on large redevelopment sites north of Exit 11," says William J. Cariste, principal for NKF. He, along with fellow principals Daniel Frankel and Doug Bansbach will be marketing the space to new users. "Our port facilities in Newark and Elizabeth handle some of the country’s largest import shipping volumes, yet less than 5% of the building inventory north of Exit 11 consists of truly modern distribution buildings," Cariste says. "Since port proximity means transportation savings and overseas shipping volumes continue to grow, the timing and location needs have converged to usher in a new round of development."
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 3:17 PM
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