A parcel in Ridgefield along the New Jersey Turnpike will be home to a new two-building industrial complex, Cushman & Wakefield said, under a project being developed by Sitex Group.The real estate services firm, which has been named leasing agent for the property, said the site will include buildings of 195,000 and 83,000 square feet. Work is already underway at the property on Bell Drive, with delivery slated for December.
Stephen Elman, Jules Nissim and Michael Terranova, based in C&W’s East Rutherford office, are heading the assignment for Sitex Group and an institutional client of Connecticut-based Cornerstone Real Estate Advisers LLC, the news release said. They are touting a project that has quick access to the Turnpike and is just four miles from the George Washington Bridge and six miles from the Lincoln Tunnel.
“This ground-up project will introduce a brand-new, state-of-the-art, institutionally owned distribution property in the heart of the New Jersey Meadowlands — a market with limited Class A industrial product,” Elman said in a prepared statement. “Its proximity to Manhattan provides an ideal opportunity for users with e-commerce last-mile delivery, regional distribution or headquarters requirements.”
C&W said the buildings are designed to accommodate full-building users or to divide easily for multitenant occupancy. They will feature 36-foot-clear ceiling heights, heavy floor loads, a high loading door ratio and ample parking capacity.
The project will come to a white-hot industrial market in the Meadowlands and throughout the state. C&W says it tracked 9.2 million square feet of new deals during the first quarter of 2016 in northern and central New Jersey, the highest volume in more than eight years.
That resulted in more than 6.3 million square feet of occupancy gains to register the second-highest absorption in the nation for the first quarter, the brokerage firm said. The current industrial vacancy rate of 5.6 percent is the state’s lowest since 2000.