A North Jersey property in the Route 46 corridor traded hands in a transaction arranged by CBRE, the firm announced Oct. 26, setting the stage for the Ridgefield Logistics Center.
A Brookfield Asset Management-backed fund acquired the 19-acre development site from Stalwart Ridgefield LLC with designs to develop a new, LEED-certified industrial warehouse facility, CBRE said, to help meet tenant demand in the New Jersey-New York Metro Area.
The CBRE Investment Properties team of Elli Klapper, Jeremy Wernick and Charles Berger, with the firm’s Kevin Dudley and Nicholas Klacik, facilitated the deal.
“Demand for quality industrial space in New Jersey has reached record levels, while the supply has dwindled to below 2% as of Q3 2021,” Klapper said in a prepared statement.
Global real estate services firm Brookfield Properties, which offers development and portfolio management capabilities, will develop the site for Brookfield Asset Management into a 337,592-square-foot facility with 40-foot clear heights and car and trailer parking, CBRE said.
Construction is slated to begin in early 2022.
“Working together with CBRE on this deal showcased the best our firms have to offer,” said Tyler Mordas of Brookfield Properties. “We now have 10 separate land parcels in the New Jersey and New York region and anticipate over 3 million square feet of logistics deliveries. CBRE’s valued guidance in this transaction puts us on track to deliver that to the New Jersey market in the next 24 months.”
Located off Route 46, the property is less than 10 miles from the Port of Newark-Elizabeth.=