Vice Presidents Russell Verducci and Eric Demmers will handle the assignment for the 716,158-square-foot industrial complex, NAI Hanson announced July 10.
Located in an Opportunity Zone, the three-property complex is less than 3 miles from Port Newark and 1 mile from the intersection of Route 1/9 and Interstate 95.
Hines acquired the Newark Distribution Center – its first industrial site in the East Region and the one-time home of the P. Ballantine and Sons Brewing Co. – at the start of 2023 for $127.5 million. The largest parcel, 399-447 Ferry St., is a 635,482-square-foot building with 24-foot clear ceilings and four loading docks; according to NAI Hanson, it has 48,000 square feet available.
The assignment comes of the heels of the release of NAI Hanson’s most recent industrial market report for North and Central Jersey. Recapping the second quarter of the year, the Ports submarket, which includes the newly assigned property, posted a 3.4% vacancy rate for the period and the state’s highest asking rents in the sector at $16.95 — more than $2 above the statewide average asking price and marking a 40-cent increase for the submarket versus the same quarter last year.
Significant demand for space in the Ports, NAI Hanson noted, persisted throughout Q2 despite slower traffic at Port Newark-Elizabeth, a major component of the Port of New York and New Jersey, which was the largest operation on the East Coast in 2022 and the second-busiest port in the nation for the first four months of this year.
According to NAI Hanson the Newark Distribution Center is “highly adaptable” and geared toward occupants with the need for complex logistics, fulfillment or warehousing.
“Finding any industrial space in the Port Newark area is a tall task in the current competitive market conditions,” said Verducci. “Newark Distribution Center’s ideal location, institutional ownership and flexible design ensure it stands out in such a tight market. We are excited to bring this rare opportunity to the market and help our client secure a high-quality tenant for their space.”
Hines’ presence extends to 395 cities across 30 countries, representing $95.79 billion of investment assets under management. In addition to the Newark Distribution Center, the company’s Garden State portfolio also includes the Americas Data Center in Somerset.