CenterPoint Properties has preleased a development under construction near Port Newark-Elizabeth to New Jersey-based CODA Logistics and Distribution.
CenterPoint broke ground on the 321,765-square-foot Class A industrial distribution facility at 1501 W. Edgar Road in Linden last November. Construction is expected to be completed in August. The Illinois-based industrial firm acquired the more than 20-acre site of a former Walmart-anchored shopping center in Q4 2020.
Ronel Borner, CenterPoint's senior vice president of development, cited the property's easy access to two I-95 interchanges 4 miles away and its location 11 miles from Port Newark-Elizabeth, as major benefits for New Jersey-based CODA, which will use the facility for short-term storage of bonded goods coming from the New York/New Jersey ports.
"We're delighted we'll be able to hand the keys to Marie Costa and her fantastic team at CODA," said Ronel Borner, CenterPoint's Senior Vice President of Development. "This project is prototypical of the developments CenterPoint is known for building nationwide: Top-flight facilities featuring an array of modern amenities, including exceptional car and trailer parking, with efficient access to ports and critical transportation infrastructure, in the most competitive infill submarkets markets in America," Borner finished.
President of CODA Logistics and Distribution, Marie Costa, said, "Lease negotiations were seamless with the entire CenterPoint group. We look forward to our company's growth in this newly built facility."
Borner said interest in the development was strong among a variety of user types, in large part due to the above-market parking count and high-throughput site and building design. The property will feature a warehouse with a 40-foot clear height and 62 loading doors, and parking for 89 trailers and 240 cars.
Even in the face of uncertain economic conditions and stabilized port volume, users continue to target the submarkets near the ports for relocation and expansion. Cushman & Wakefield's Stephen Elman, who represented CenterPoint along with Jules Nissim and Stan Danzig, said the lease-up of the Linden development some five months from its completion underscores the continuing high demand for state-of-the-art industrial warehouses on spacious lots.
"As evidenced by the amount of pre-leasing activity we saw at 1501 W. Edgar Road, market fundamentals for Class A well-located distribution buildings in northern and central New Jersey continue to be very strong," Elman said.
Michael Kimmel of KBC Advisors represented CODA.