With industrial space tight — the vacancy rate is below 4% — JLL has been retained as exclusive leasing agent for an under-development, 195,723-square-foot property in Bayonne, scheduled for delivery this September.
Delta Equity Management LLC and SWL Urban Renewal LLC enlisted JLL, the real estate and investment management firm announced recently, with Vice Chairman Joel Lubin, Executive Managing Director Brian Golden and Managing Director Gary Politi handling the assignment.
Construction is underway on the state-of-the-art industrial development located at 71 New Hook Access Road, near the former Marine Ocean Terminal at Bayonne. According to JLL, the speculative property will feature 46 dock doors and two drive-ins; 40-foot clear ceiling heights; a 135-foot truck court; and parking for 32 trailers and 149 cars.
“The location of Harborview Logistics Center is ideal for companies seeking a last-mile facility situated in a densely populated urban market with access to multiple transportation options, an accessible employee base and close to customers along the entire East Coast corridor,” Golden said in a statement accompanying the April 8 announcement.
The property sits on a peninsula with Newark Bay to the west and New York Bay to the east, 10 miles from Manhattan, with access to Interstate 95 and proximity to the Port of Newark and Newark Liberty International Airport.
“We are excited to bring this exceptional new development to market in one of the most sought-after industrial submarkets in the country,” said Lubin — in the first quarter of 2022 leasing activity increased by 48.3% quarter-over-quarter, according to Colliers’ Q1 2022 New Jersey Industrial Market Report. “As demand from the e-commerce and logistics sectors continues unabated, we anticipate keen interest from operators under immense pressure to move goods competitively and quickly,” he added.
The property also also has a 20-year PILOT (Payment In Lieu Of Taxes) agreement that will reduce real estate taxes on the building for the long term, according to JLL.
“This job-creating project will contribute to the economic recovery underway in Bayonne while providing vital logistics space in one of the world’s most land-constrained markets,” DEM founder and Managing Memeber Vincent DiDomenico said. “The uniquely strategic location of the project affords not only ‘last mile’ delivery into the NYC/North Jersey MSA but ‘first mile’ intermodal transport as well from the NJ/NY Ports of entry.”