After breaking ground on its 321,765-square-foot industrial distribution facility in Linden last November, CenterPoint Properties has preleased the development to a New Jersey-based third-party logistics company.
CODA Logistics and Distribution of Woodbridge will occupy the entire Class A development at 1501 W. Edgar Road, CenterPoint announced March 30.
“We’re delighted we’ll be able to hand the keys to Marie Costa and her fantastic team at CODA,” said CenterPoint Senior Vice President of Development Ronel Borner in a statement. “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.”
Located 11 miles from Port Newark-Elizabeth, the property also offers easy access to two Interstate 95 interchanges 4 miles away.
Formerly the site of a Walmart-anchored shopping center, CenterPoint said it acquired the more than 20-acre property in Q4 2020.
At a ceremony celebrating the groundbreaking in the fall, Linden Mayor Derek Armstead called the municipality “the warehouse capital of the East Coast” and said the development’s tax benefits would be significant. “The warehouse is going be one more of our attractions here in town [delivering] five times the tax rateables that we were accustomed to getting here. To me, that’s a win,” he stated at the time.
According to Borner, interest in the property from prospective tenants was strong, which he attributed to its above-market parking count and high-throughput site and building design.
Overall, the property will include a warehouse with 40-foot clear heights, 62 loading doors, and parking for 89 trailers and 240 cars, CenterPointe said.
Cushman & Wakefield Executive Managing Director Stephen Elman represented CenterPoint along with Vice Chairs Jules Nissim and Stan Danzig. New Jersey Market Leader Michael Kimmel of KBC Advisors represented CODA.
In its Fourth Quarter 2022 New Jersey Industrial Report, Cushman & Wakefield pegged the Union County vacancy rate at 3.8% with leasing demand for the period “driven by activity in newly delivered product.”
In a statement, Elman said the development’s lease-up underscores continued demand for state-of-the-art sector projects 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,” he stated.
“We look forward to our company’s growth in this newly built facility,” CODA Logistics and Distribution President Marie Costa said in a prepared statement.