Refrig-IT is staying put at Kearny Point Industrial Park, signing two lease renewals adding up to more than 228,000 square feet.

CBRE announced Aug. 4 it completed agreements for 90,241 square feet and 137,972 square feet at 50 and 80 Campus Drive, respectively, with the full-service multi-temperature-warehousing company committing to long-term leases at the Hugo Neu-owned property.

According to CBRE, Refrig-IT has operated from Kearny Point Industrial Park since 1993. A team of Executive Vice Presidents Kevin Dudley and Chad Hillyer, Senior Vice President Nicholas Klacik and Senior Associate Kate Granahan represented ownership; Newmark Executive Managing Director Tom Carragher and Associate Director Justin Rigoglioso of Newmark represented the tenant.

Refrig-IT, which is based at the 80 Campus Drive location, has an additional facility in Newark that opened in 2019, according to the company’s website. When the company signed on for that space at the Portside Distribution Center, it marked the first lease at the newly built, 290,000-square-foot property.

Offering access by car or public transit, Kearny Point is less than 5 miles from Jersey City, Newark, Hoboken, and the Lincoln and Holland tunnels.

“The Kearny Point Industrial Park offers proximity to Port Newark and New York City,” Dudley commented in a statement, adding: “The lease renewal with Refrig-IT is a testament to the relationship between both parties and overall market fundamentals.”

Despite a comparative slowdown in the industrial sector following the unprecedented performance over the past several years during and coming out of the pandemic, in particular, New Jersey’s Ports submarket continues to attract significant demand. According to NAI James E. Hanson‘s industrial report for the second quarter of this year, the vacancy rate in the area was 3.4% – under the nationwide average, which has been reported at slightly more than 4%.

Something Neu

Hugo Neu began a program to convert the 130-acre, 2 million-square-foot Kearny Industrial Park into a modern mixed-use campus in 2016. Formerly the Federal Shipbuilding & Drydock Co., the site served as the U.S. Navy’s fastest shipyard during World War II, according to CBRE.

That redevelopment effort has attracted a number of tenants, offering office, flex, light manufacturing and industrial space. The work was done with an eye toward climate resiliency, crafting a “greenprint” for adaptive reuse and holistic environmental, economic and community viability.

In 2021, Power Edison announced it was partnering with Hugo Neu on a project that would bring the country’s largest electric vehicle charging hub to Kearny Industrial Point.

“We offer a unique community and array of modern amenities that benefit businesses and also advance our mission,” Steve Nislick, CFO of Hugo Neu, said in a statement. “Kearny Point’s unique mix of amenities, infrastructure, and vibrant architecture make it functional and fashionable, delivering high-quality and healthy workspaces at reasonable monthly rates.”