Terreno Realty Corp. announced the sale of an industrial property in Bayonne for $24.3 million on Jan. 3.
The Washington-based company said the deal for the single industrial building located at 20 Pulaski St. closed Dec. 27.
According to Terreno, the building offers approximately 98,000 square feet situated on 3.6 acres adjacent to Exit 14A on the New Jersey Turnpike and within 5 miles of the Port of Newark-Elizabeth, Newark Liberty International Airport and the Holland Tunnel.
The buyer, according to a company spokesperson, is full-service food and beverage distributor Rainforest Distribution, the sole tenant at the property.
Terreno said it acquired the site for approximately $9.2 million in March 2014, making for an unleveraged internal rate of return from the investment of 14.1%.
In addition to the North Jersey and New York City area, Terreno also operates in Los Angeles; the San Fransciso Bay area; Seattle; Miami; and Washington, D.C.
According to its website, the company’s portfolio currently includes 252 buildings, more than 15.4 million square feet, approximately 46 improved land parcels and about 575 customers.
Rendering of Harborview Logistics Center in Bayonne. – JLL
Built to help meet demand for space where there isn’t a lot, HD Supply – the North American distributor owned by Home Depot – is relocating to the Harborview Logistics Center in Bayonne.
JLL announced Dec. 20 it completed the lease of the 195,723-square-foot warehouse property located at 71 New Hook Access Road, near the former Marine Ocean Terminal.
According to DEM Founder and President Vincent DiDomenico, HD Supply will relocate and expand from its present location at 3 Enterprise Ave. N. in Secaucus. The Bayonne property is set to be completed in January 2023.
JLL Northeast Industrial Vice Chairman Joel Lubin and Managing Director Gary Politi represented DEM in the seven-year lease. Colliers Vice Chairman Noah Balanoff represented the tenant.
“With its state-of-the-art infrastructure, free-standing location and unrivalled accessibility, Harborview Logistics Center is an ideal location for a company seeking to accommodate consumer demand for rapid delivery,” Lubin said in a statement.
Just 10 miles from New York and situated on a peninsula between the Newark and New York bays, Harborview Logistics Center offers access to Interstate 95 and proximity to the Port of Newark and Newark Liberty International Airport.
Quick hits: Harborview Logistics Center
46 dock doors
2 drive-ins
40-foot clear ceiling heights
135-foot truck court
32 trailer parking spaces
149 car parking spaces
“The Northern New Jersey industrial market has a significant shortfall of available space, and this brand-new property at the heart of the nation’s most populous area had significant appeal,” Lubin said.
“We are thrilled to welcome HD Supply to Harborview, a development that will continue to contribute to the Bayonne economy while filling a void for modern logistics space at the heart of the metropolitan region,” DiDomenico said.
According to the announcement, Harborview Logistics Center has a 20-year PILOT (Payment In Lieu Of Taxes) agreement, which will reduce real estate taxes on the building for the long term.
HD Supply did not immediately return a request for comment about the move.
The wholly owned Home Depot subsidiary is a wholesale distributor with more than 100 distribution centers across the U.S. and Canada.
Walmart Inc. is ready to give shoppers their first look at two newly remodeled Supercenters in New Jersey.
After undergoing improvements across several departments, aimed at saving customers time and enhancing the shopping experience, Walmart’s locations in Bayonne (500 Bayonne Crossing Way) and Linden (1050 W. Edgar Road) now feature:
A relocated pharmacy at the front of the store to enable customers to get prescriptions, vaccinations and other supplies more conveniently
New, associate-operated register lanes to streamline checkout for customers
Vision Center upgrades with an expanded selection of products
Refreshed interiors and exteriors, including paint and signage for easier navigation through the stores
Walmart will celebrate the remodeled stores this weekend with an event in Bayonne Nov. 4 and Linden hosting festivities Nov. 5. – WALMART INC.
“The stores’ upgrades highlight our commitment to helping customers save time and money, and we think they will enjoy the changes, too,” said Milton Valentin, Walmart store manager in Bayonne. “These remodels also demonstrate Walmart’s unwavering dedication to overall improvement and innovation.”
Joseph Schmidt, Walmart store manager in Linden, said, “I also want to note how proud I am of our associates and how they took care of our customers while the renovations were being made. I invite the communities to join us in celebrating and meeting our amazing associates.”
According to a company spokesperson, both stores stayed open during the renovations.
Walmart will celebrate the remodeled stores this weekend with an event in Bayonne Nov. 4 and Linden hosting festivities Nov. 5.
After brief ceremonies to honor employees and giveaways of product samples from select vendors, Walmart will present grants to local organizations.
According to a press release, Bayonne Walmart will give $1,000 each to Bayonne Police Department and the Church of the New Covenant and $2,000 each to the Guardian Foundation and 4 C W Girls Foundation Inc. Linden Walmart will award $1,000 each to Catholic Charities of the Archdiocese of Newark and Linden High School.
1888 Studios will bring a 1.5 million-square-foot film and television studio to the waterfront in Bayonne. – TURNER CONSTRUCTION
With a name that acknowledges the legacy of filmmaking in the U.S., a new, 1.5 million-square-foot motion picture and television studio is set to rise along on the Hudson River in Bayonne.
Turner Construction Co. was awarded a contract to build 1888 Studios by Togus Urban Renewal, the New York-based construction service provider announced Sept. 21. The 17-building campus will include studio sound stage buildings, flexible support spaces, and workshop/mill buildings.
Work on the project located in the southwest corner of Bergen Point is expected to begin in the first quarter of 2023. The City of Bayonne pegs the investment from Togus in bringing 1888 Studios to the former Texaco site at $900 million.
1888 is the year that Thomas Edison, the wizard of Menlo Park, invented his kinetograph motion picture camera and kinetoscope viewer.
“We are extremely excited to be part of the team that will transform this long underutilized waterfront site in Bayonne. In addition to the positive economic benefit of the project for the community, I look forward to viewing the creative work that will be produced in these groundbreaking facilities,” Turner Vice President and General Manager Larry Boresen said in a statement. “It will also be great to see members of the community having access to a revitalized waterfront park and promenade that will be part of the campus.”
According to Turner, the effort will create jobs for more than 2,000 construction workers during the build; once the studio is operational, the company said it will employ approximately 2,000 – 3,000 full-time workers.
Making a mark
During a public meeting held earlier this month about the project, Robert Benecke, identified as a financial advisor to Togus, said that prep work for 1888 Studios has been going on for two years, with about $60 million already invested at the 70-acre site, mostly for dealing with environmental issues with soil. Architect Mike White said that 1888 Studios’ buildings would stand three-stories high to fit in with the city’s existing structures; about 6 acres at the complex is slated for public use, as parkland and a walkway along the waterfront. Togus Senior Vice President for Development James White said the construction would be a 100% union project. He anticipates the work will be completed in the second quarter of 2025.
Mike Hanley, principal at NW Financial Services and Bayonne’s financial advisor, broke down the impact the studio would have on the city. He said 1888 Studios will make more than $200 million in payments-in-lieu of taxes (PILOTs) over 30 years, $130 million of which will go to Bayonne. Hanley also said the developer will provide $50 million in public improvements — like the park and walkway. Over the three decades, Hanley predicted 1888 Studios’ payment to Bayonne would start at $7 million per year and grow to $31 million annually.
Located at 101-143 E. 22nd St., Avenue G will offer high-design apartments near the Hudson-Bergen 22nd Street Light Rail Station and Bayonne Crossing shopping mall. – CYPRESS EQUITY INVESTMENTS
New Jersey’s Gold Coast is one step closer to having another brand-new, modern apartment complex.
On Aug. 23, Cypress Equity Investments announced the groundbreaking of Avenue G, a 354-residence apartment complex in Bayonne.
The new development, which is adjacent to CEI’s recently completed, 180-residence Edge apartment community, is the first joint venture between the developer, headquartered in Dallas, and New York-based Winter Properties.
Located at 101-143 E. 22nd St., Avenue G will offer high-design apartments near the Hudson-Bergen 22nd Street Light Rail Station and Bayonne Crossing shopping mall.
“As we looked for opportunities in the greater New York/New Jersey region, Bayonne stood out as an optimal blend of a quiet suburban lifestyle with easy access to the high-energy urban centers of Jersey City and Manhattan,” Alla Sorochinsky, CEI chief financial officer, said in a statement.
“Further, the enthusiastic response we’ve received to Edge led us to capitalize on the opportunity to develop this larger apartment community next door,” Sorochinsky added.
Features and amenities
Avenue G — expected to be complete in the second half of 2024 — is a transit-oriented development and will feature sustainable elements throughout, including high-efficiency glass and insulation, electric-vehicle charging stations, central ducted HVAC, and smart access controls.
Avenue G will be located adjacent to CEI’s recently completed, 180-residence Edge apartment community. – CYPRESS EQUITY INVESTMENTS
Interior features will include gourmet kitchens with quartz countertops, contemporary tile backsplashes, stainless-steel appliances, en suite bathrooms, in-unit washers and dryers and walk-in closets.
Avenue G’s amenities will include a full-service fitness center, two private courtyards with lounge seating, fire pits, outdoor barbecues, a multipurpose club room with adjacent outdoor entertainment spaces, communal co-working areas and private offices with WiFi.
The complex was designed by Minno & Wasko Architects and Planners, which has offices in Lambertville and Newark.
“We launched our joint venture with CEI last year with a vision to deliver innovative and sustainable multifamily housing to cities across the U.S.,” said Winter President Rick Singer. “Avenue G is an incredible first step for this partnership, and we’re excited to enter an urban market with such great potential for growth.”
Additional team members include landscape architect Dynamic Engineering of Lake Como and general contractor ARC Building Partners.
To date, CEI has completed more than 9,000 apartment residences and, by leveraging its partnership with Winter Properties, the firm anticipates growing from $1 billion to $1.5 billion in ground-up development annually.
The first residents have made their way home at Skye Lofts North in Bayonne.
Initial occupancy recently kicked off at the downtown property from Skye Development LLC. Located at 260 Avenue E, Skye Lofts North offers a mix of one- and two-bedroom residences among dining options, parks and transit — situated next to the 22nd Street Hudson-Bergen Light Rail Station.
“Early leasing activity has seen Skye Lofts North draw renters who were living in nearby cities where post-pandemic rental rates have been climbing at a historic pace,” said Skye Development President Mitchell Burakovsky. “They’re no longer willing to pay expensive rents and are seeking alternative locations where they can find stylish homes, amenities and a lively mix of nightlife, culture and dining at attractive pricing.
“Skye Lofts North and downtown Bayonne offer exactly that,” he continued. “We’re excited to welcome our initial residents who will truly enjoy one of Hudson County’s hidden treasures.”
The Marketing Directors is exclusive marketing and leasing agent for the property. According to the firm, monthly rents start at $2,225 net effective with two months free on a 14-month lease.
When leasing kicked off at Bay 151 in Bayonne, things were different. It was May 2020 and the pandemic was in full swing. That led KRE Group to launch a virtual leasing platform for its first residential community along the waterfront in this Hudson County municipality.
Now, with its comfortable living spaces, extensive amenities and open space, Bay 151 has hit 90% leased for its initial 413 residences, KRE Group announced July 13.
At completion, the property will comprise 625 units and 10,000 square feet of retail space. In November, pre-leasing began for Phase 2 (there are three planned) with an additional 213 residences (Phase 1 produced 200). There are already 65,000 square feet of indoor and outdoor social and recreational spaces finished at Bay 151—with more on the way, according to KRE Group.
“More and more people from outside of Bayonne are discovering this unique slice of Hudson County that offers a pleasant, small-town atmosphere with proximity to more urban trappings in neighboring Jersey City and New York City,” said KRE Group President Jonathan Kushner in a statement.
Going to the dogs
In a first for Bayonne, Bay 151 is officially a “Bark Building:” offering pet-friendly amenities and services to enhance life for human residents and their furry friends, KRE group announced in May. Pet amenity and service company Bark Buildings was founded in Jersey City in 2016. With an eye toward national growth, the designation for this property on the Bayonne peninsula marked the company’s first expansion in the Garden State. Read more.
“Bay 151’s well-appointed residences and extensive indoor and outdoor amenities embrace and enhance the area’s appealing character, and we’re delighted that so many residents have chosen to make it their home,” Kushner added.
The 16-acre property is within walking distance of the Hudson-Bergen Light Rail’s 45th Street station and a planned commuter ferry terminal that will offer service to New York City. Situated on the peninsula that formerly housed Bayonne’s Marine Ocean Terminal, the area has now become a different kind of destination, offering skyline views of Manhattan, the greenery of the Bayonne Country Club and new options for retail, residences and recreation, like pocket parks, bike paths and a waterfront walkway.
It’s that kind of easy access to transit and travel options – the New Jersey Turnpike, Interstate 78 and The Holland Tunnel are also nearby – in addition to a burgeoning community, lifestyle perks, open space and lower rents that is drawing renters from other Gold Coast cities – think Jersey City and Hoboken on this side of the river and Brooklyn, Manhattan and Queens on the other – to Bayonne.
Designed by Minno & Wasko Architects and Planners, Bay 151 offers studio, one-, two- and three-bedroom layouts, including some with loft-style floor plans. Monthly rents start from $2,100 with immediate occupancy available.
Skye Lofts South opened and reached lease up in Bayonne in 2019. Now, the developer behind it is launching leasing at a new project in the city, Skye Lofts North, located in the city’s downtown district.
Skye Development announced the opening of the 98-unit property at 260 Avenue E. June 9. Initial occupancy is expected July 1.
Skye Loft North is comprised of one-, two- and three-bedroom residences. It is located next to the 22nd Street Hudson-Bergen Light Rail Station, which offers service to Jersey City and Hoboken. The neighborhood also offers shopping, dining, parks and year-round community events, according to Skye Development.
“Bayonne is quickly realizing its potential as the next Gold Coast hot spot,” said Mitchell Burakovsky, president of locally based Skye Development LLC. “It’s appeal largely stems from having a less-densely developed and more suburban setting than Jersey City and Hoboken while still offering a walkable downtown with a growing list of shops, dining, conveniences and commuter connectivity.
“We’re delighted to follow up the success of our first building with the introduction of Skye Lofts North which will continue to shape this burgeoning neighborhood while providing a value-laden alternative to what’s being offered throughout Hudson County,” he added.
Skye Lofts North is situated along the city’s Broadway corridor — located right off of Route 440 — near retail outlets Bayonne Crossing and South Cove Commons. It also offers easy access to the New Jersey Turnpike, Route 78 and the Holland Tunnel.
“Skye Lofts North offers a full suite of amenities to create a boutique hotel-like environment,” said Jacqueline Urgo, president of The Marketing Directors, which is the exclusive marketing and leasing agent for the property. “The building offers a Penthouse communal space with outdoor terrace and indoor common room, fully equipped fitness center, and virtual reality game room. There’s also a virtual doorman intercom system, bike storage, private storage and indoor garage parking.”
Monthly rents at Skye Lofts North start at $2,005 (net effective) with up to two months free on a 14-month lease.
Work begins May 19, 2022, to bring a spec warehouse building to Lincoln Logistics Bayonne, the redevelopment of the 152-acre former Military Ocean Terminal property. – LINCOLN EQUITIES GROUP
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.
It’s a first for Bayonne, and an indicator of in-state growth for a Garden State company catering to a unique cluster of residents occupying multifamily properties: pets.
Bay 151 is officially a “Bark Building,” offering pet-friendly amenities and services to enhance the life of not only the building’s human residents, but their furry friends, too, Kushner Real Estate Group announced May 9.
Pet amenity and service company Bark Buildings was founded in Jersey City in 2016. And while more than a dozen residential buildings there already offer the company’s enhanced pet packages, the designation for The KRE Group‘s collection of 413 luxury rental residences on the Bayonne peninsula marks the company’s first expansion in the Garden State. It has been focused on national growth, in places like Nashville, Austin, San Diego and Washington, D.C.
“We’re excited to expand the many the pet-friendly amenities we offer at Bay 151 by becoming Bayonne’s first ‘Bark Building,’” said The KRE Group Regional Leasing Manager Mary Cricco.
Currently, the property includes multiple dog runs and a dog-washing station.
“Bay 151 is attracting residents who want to live a well-connected, amenity-rich lifestyle on the Bayonne waterfront, and for many of them, the pet-friendly atmosphere is a big part of their decision to live here,” Cricco continued. “Bark Buildings will be a great addition to the community.”
Pop-up pet photo studios are part of the new Bark Buildings pet amenity program at Bay 151 in Bayonne. – ALYSSA KI
According to Bark Buildings Co-founder and Chief Operating Officer Danit Zivan, the company was excited for the chance to enter nearby Bayonne after partnering with KRE in Jersey City.
“We’ve been working with them for two-and-a-half years and we are in all of their Jersey City buildings,” she said. “So naturally, when the opportunity to expand into Bayonne at a KRE Group-owned building came up, we jumped.”
Bay 151 includes more than 65,000 square feet of amenity space at its 16-acre location on the waterfront in Bayonne. As part of this expansion of pet services, KRE Group and Bark Buildings will add new signage including pet parenting tips and information on pet etiquette. A pet concierge is available to residents to offer up information on day care in the area, dog-walking providers, training or behavior advice, product recommendations and pet adoption assistance.
In addition to catering to “man’s best friend,” Bark Buildings at Bay 151 will also offer services for cats, and for dogs who aren’t into socializing.
A “Pet of the Month” program will launch soon, KRE said, with winners’ photos featured throughout the building. Bark Buildings will also host events, including pop-up photo studios, dog park takeovers, parties and more.
According to Zivan, the services don’t just benefit residents with pets. “In the end, this program benefits everyone because the residents are better pet owners, they’re happier and they’re more likely to stay if their pet is happy too,” she said.
With industrial space tight — the vacancy rate is below 4% — JLL has been retained as exclusive leasing agent for an under-development, 195,723-square-foot property in Bayonne, scheduled for delivery this September.
Delta Equity Management LLC and SWL Urban Renewal LLC enlisted JLL, the real estate and investment management firm announced recently, with Vice Chairman Joel Lubin, Executive Managing Director Brian Golden and Managing Director Gary Politi handling the assignment.
Harborview Logistics – JLL
Construction is underway on the state-of-the-art industrial development located at 71 New Hook Access Road, near the former Marine Ocean Terminal at Bayonne. According to JLL, the speculative property will feature 46 dock doors and two drive-ins; 40-foot clear ceiling heights; a 135-foot truck court; and parking for 32 trailers and 149 cars.
“The location of Harborview Logistics Center is ideal for companies seeking a last-mile facility situated in a densely populated urban market with access to multiple transportation options, an accessible employee base and close to customers along the entire East Coast corridor,” Golden said in a statement accompanying the April 8 announcement.
The property sits on a peninsula with Newark Bay to the west and New York Bay to the east, 10 miles from Manhattan, with access to Interstate 95 and proximity to the Port of Newark and Newark Liberty International Airport.
“We are excited to bring this exceptional new development to market in one of the most sought-after industrial submarkets in the country,” said Lubin — in the first quarter of 2022 leasing activity increased by 48.3% quarter-over-quarter, according to Colliers’ Q1 2022 New Jersey Industrial Market Report. “As demand from the e-commerce and logistics sectors continues unabated, we anticipate keen interest from operators under immense pressure to move goods competitively and quickly,” he added.
The property also also has a 20-year PILOT (Payment In Lieu Of Taxes) agreement that will reduce real estate taxes on the building for the long term, according to JLL.
“This job-creating project will contribute to the economic recovery underway in Bayonne while providing vital logistics space in one of the world’s most land-constrained markets,” DEM founder and Managing Memeber Vincent DiDomenico said. “The uniquely strategic location of the project affords not only ‘last mile’ delivery into the NYC/North Jersey MSA but ‘first mile’ intermodal transport as well from the NJ/NY Ports of entry.”
Building upon the thousands of multifamily units already in its portfolio, KABR Group has added a mid-rise luxury apartment community situated in Bayonne’s commercial district along the Hudson Waterfront.
The vertically integrated, private equity real estate firm announced on March 17 that it purchased 19 East for $49.6 million from joint venture seller Ingerman Group and Verde Capital. JLL represented the seller and also advised Ridgefield Park-based KABR on acquisition financing for the purchase, placing a $35 million fixed-rate loan with Kearny Bank.
“This asset represents a tremendous value proposition for renters looking for a new building with best-in-class amenities while also located in a rapidly evolving millennial neighborhood, competitive with the best Hudson County and NYC has to offer,” said KABR Group Chairman and CEO Ken Pasternak in a prepared statement.
Located at 19. E. 19th St. — one block from the Hudson-Bergen Light Rail Station — 19 East is a six-story building offering 138 studios, one- and two-bedroom residences with hardwood flooring, designer finishes, stainless steel appliances, washer and dryer, walk-in closets and more. Amenities at the property include garage parking, a fitness center, two furnished outdoor terraces and business center on each floor.
Cruz
On top of walkability in the area, which offers retail and dining options, PATH service connects residents to Jersey City, Hoboken and lower Manhattan. additionally, it is proximate to Interstate 78 and a short drive from Newark Liberty International Airport.
“Representing one of the first institutional quality assets to trade in Bayonne, we were very pleased with the interest level from regional and national bidders,” said Jose Cruz, who, along with Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Austin Pierce, was part of the JLL Capital Markets Team that represented the seller.
According to Steven Klein, who led the JLL Capital Markets team representing the buyer with Matthew Pizzolato, Gerard Quinn and Jimmy Cochran, the deal generated a good deal of interest in the lending community, due to its “institutional quality sponsorship.”
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