Lincoln Equities Group has been busy in the industrial sector, with more than 2 million square feet of space under development. And that pipeline is growing, with the recent start of work by the East Rutherford commercial real estate owner, manager and developer on a project just across the Jersey border.
LEG recently broke ground on a 220,000-square-foot speculative warehouse project in Rockland County, N.Y., marking the first new industrial property to come to the county since 2009. On March 8, JLL Northeast Industrial announced it was retained as exclusive leasing agent for Lincoln Logistics @ Rockland, located at 625 Corporate Place in Valley Cottage, N.Y.
The exclusive JLL leasing team is led by Senior Managing Director James Panczykowski, Executive Managing Director Dean Brody and Vice President Ignatius Armenia.
Just off Interstate 287 and the Mario Cuomo Bridge – offering easy access to Manhattan and Westchester County in the Empire State, along with Fairfield County in Connecticut and northern New Jersey – the property sits on 23 acres in Executive Park on Route 303 and is set to be completed in the third quarter of this year, according to JLL.
In an area where an average property is more than 45 years old, the Class A Lincoln Logistics @ Rockland will feature a state-of-the-art industrial design, superior loading, wide column spacing, energy-efficient LED lighting, 36-foot clear ceiling heights, 34 loading docks, two drive-in doors, 41 trailer stalls and parking for 123 cars.
According to a statement from LEG President Joel Bergstein, the Rockland County project represents the best opportunity for industrial in the county.
“[A]nd, working with JLL, we are already seeing interest from Fortune 500 companies, third party logistics firms and local businesses looking to expand,” he said. “Rockland County’s business-friendly climate and superior transportation access make it an ideal location for value-oriented tenants requiring access to the New York tri-state market.”
Amid persistent demand for industrial space, Panczykowski described Lincoln Logistics @ Rockland as a “new alternative for tenants.”
In a fourth quarter report, JLL found the Lower Hudson Valley is moving from a build-to-suit and owner-user market to a growing speculative construction market, with record low vacancies (3.4%).
“As the industrial markets in Northern New Jersey and New York City continue to experience record-breaking demand, Lincoln Logistics @ Rockland offers a new alternative for tenants seeking to service the region from Class A industrial space,” Panczykowski said in a statement. “This type of highly coveted, state-of-the-art space is ideal for a successful distribution hub that caters to the ever-growing demand for fast local deliveries.”
JLL said there are no Class A vacancies in the Lower Hudson Valley, putting “developers in the drivers’ seat,” with tenants on the lookout for an estimated 12 million square feet of space in the region. Despite economic headwinds, demand persists, according to the firm which cited a climb in New York’s industrial occupancy rates to 97.9%.
Back in New Jersey, LEG’s projects include the Lincoln Logistics Bayonne campus, a 152-acre development that features a 886,256-square-foot regional distribution center for UPS and a neighboring speculative project of more than 330,000 square feet. Last month, LEG and partner The Carlyle Group secured $17 million in predevelopment financing to transform a more than 15-acre industrial site in Belleville.l