In April, Lincoln Equities Group announced that work was progressing to bring an 886,256-square-foot last-mile distribution center to the former Military Ocean Terminal site in Bayonne for UPS, with delivery anticipated for the fourth quarter. Now, construction is underway at a neighboring site.
On May 20, the developer said foundation work started for a spec warehouse building at what’s now Lincoln Logistics Bayonne, representing the final leasing opportunity at the 153-acre site. Delivery of the 330,000-square-foot building is expected at year-end.
Lincoln Equities identified the property as being ideally suited for e-commerce and last-mile delivery needs. Cushman & Wakefield is marketing the site.
“Lincoln Logistics Bayonne represents the largest infill industrial redevelopment in the New York Metro Area,” said Lincoln Equities Group President Joel Bergstein. “Upon completion, these two state-of-the-art warehouse and distribution facilities will fulfill our vision of designing a modern portside distribution center that offers an unparalleled gateway to the entire East Coast Corridor via water, land and air.”
According to Colliers first quarter 2022 New Jersey Industrial Report, availability for the sector hit an all-time low in the first part of the year, dropping to 2.9%. The report said there were 25 buildings under construction in the first quarter totaling 9.0 million square feet with eight breaking ground in the first three months of the year for a cumulative 3.9 million square feet. According to the report, in the Port Market, which includes Bayonne, the availability rate was 1.6% with average asking rents at $12.92 per square foot.
According to LEG, Lincoln Logistics Bayonne is the closest development site to the Global Container Marine Terminal, located just 800 feet away with direct access via a private road. The site is 5 miles from Manhattan, 9 miles from Newark Liberty International Airport and offers ingress and egress options via the new Exit 14A interchange on the New Jersey Turnpike, Interstate 78 and Route 440. Public transportation options are also available.