Jones Lang LaSalle
Work Starts for 1M-SF Industrial Complex
By Eric Peterson
PERTH AMBOY, NJ-Work is just under way on a 615,000-sf industrial building, the first of two buildings making up the Morris Cos.’ Amboy Corporate Center here. The Rutherford, NJ-based Morris Cos., specialists in big-box industrial, is doing the first building on a speculative basis.
Morris has also hired Newmark Knight Frank to find users for the new asset. For NKF, principals William J. Cariste, Daniel Frankel and Doug Bansbach of the firm’s New Jersey office are handling the assignment.
"It is one of the first in a generation of major industrial projects on large redevelopment sites north of Exit 11 of the New Jersey Turnpike," says Cariste, who’s in NKF’s Woodbridge, NJ office. He notes that the project should also benefit from growth in overseas import activity, predicted when expansion of port facilities and dredging in Newark and Elizabeth are completed. "Our port facilities in Newark and Elizabeth handle some of the country’s largest volumes, but less than 55% of building inventory north of Exit 11 consists of truly modern distribution buildings."
The project is also part of the state’s portfields initiative, a joint effort by the New Jersey EDA and the Port Authority of NY/NJ aimed at identifying development redevelopment sites near the state’s ports. As reported by GlobeSt.com, the program identified 17 sites in five counties, with the Morris Cos.’ project’s site among those 17. Among other things, the program is aimed at making those identified sites, mostly brownfields and otherwise underutilized, "shovel ready," through a streamlined regulatory process.
Morris bought the 70-acre site in mid-2005 from Chevron, which had operated an asphalt refinery there. The sale price of the site was not disclosed, and after the deal closed Morris announced general plans for a 600,000-sf building with an estimated price tag of $72 million, targeting high-tech, distribution and light manufacturing users. Cost of the full build-out has not been released, but is believed to be in the $130-million range. Morris officials say they expect the second building, which would total 517,000 sf, to be under construction within the next 12 months.
The City of Perth Amboy had a hand in putting the deal together, agreeing in 2005 to give Morris a piece of property attached to the site in exchange for Chevron agreeing to donate an acre of land to the city for a new firehouse. The city has also expanded its urban enterprise zone designation to Morris’ site, which is adjacent to Chevron’s redeveloped 26-acre West Yard tract.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Work Starts for 1M-SF Industrial Complex
By Eric Peterson
PERTH AMBOY, NJ-Work is just under way on a 615,000-sf industrial building, the first of two buildings making up the Morris Cos.’ Amboy Corporate Center here. The Rutherford, NJ-based Morris Cos., specialists in big-box industrial, is doing the first building on a speculative basis.
Morris has also hired Newmark Knight Frank to find users for the new asset. For NKF, principals William J. Cariste, Daniel Frankel and Doug Bansbach of the firm’s New Jersey office are handling the assignment.
"It is one of the first in a generation of major industrial projects on large redevelopment sites north of Exit 11 of the New Jersey Turnpike," says Cariste, who’s in NKF’s Woodbridge, NJ office. He notes that the project should also benefit from growth in overseas import activity, predicted when expansion of port facilities and dredging in Newark and Elizabeth are completed. "Our port facilities in Newark and Elizabeth handle some of the country’s largest volumes, but less than 55% of building inventory north of Exit 11 consists of truly modern distribution buildings."
The project is also part of the state’s portfields initiative, a joint effort by the New Jersey EDA and the Port Authority of NY/NJ aimed at identifying development redevelopment sites near the state’s ports. As reported by GlobeSt.com, the program identified 17 sites in five counties, with the Morris Cos.’ project’s site among those 17. Among other things, the program is aimed at making those identified sites, mostly brownfields and otherwise underutilized, "shovel ready," through a streamlined regulatory process.
Morris bought the 70-acre site in mid-2005 from Chevron, which had operated an asphalt refinery there. The sale price of the site was not disclosed, and after the deal closed Morris announced general plans for a 600,000-sf building with an estimated price tag of $72 million, targeting high-tech, distribution and light manufacturing users. Cost of the full build-out has not been released, but is believed to be in the $130-million range. Morris officials say they expect the second building, which would total 517,000 sf, to be under construction within the next 12 months.
The City of Perth Amboy had a hand in putting the deal together, agreeing in 2005 to give Morris a piece of property attached to the site in exchange for Chevron agreeing to donate an acre of land to the city for a new firehouse. The city has also expanded its urban enterprise zone designation to Morris’ site, which is adjacent to Chevron’s redeveloped 26-acre West Yard tract.
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 10:30 AM
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