Construction is underway on a new 290,000-square-foot distribution center project just outside Port Newark-Elizabeth, according to brokers with CBRE who are marketing the property.
Located at 256 Vanderpool St. in Newark’s South Ironbound section, the complex is rising just east of Route 21 and north of Interstate 78. A joint venture led by Penwood Real Estate Investment Management LLC and Penford Group is developing the 15-acre site.
When complete, the Portside Distribution Center will offer industrial space about three miles from Port Newark-Elizabeth and Newark Liberty International Airport.
“Portside, a new Class A distribution facility, offers immediate access to all roadways serving New Jersey and the Northeast along with unequaled proximity to the seaport and airport,” said Mindy Lissner, executive vice president with CBRE. “(The property) provides a robust labor pool and the opportunity to capitalize on the highest level of incentives available.”
Lissner is marketing the project with CBRE Executive Vice President William Waxman and Senior Vice President Ben Shapiro. They touted a facility that will offer 40-foot clear ceiling heights, 32 dock doors and parking for up to 111 trailers and 76 cars.
Penwood, a Hartford, Connecticut-based firm, announced the acquisition of the development site early last year.
“This site offers an ideal location for users with port, last-mile, regional, superregional, coastal, national and global supply chain logistic strategies,” Howard Freeman, the firm’s managing director responsible for East Coast acquisitions, said at the time. “Penwood is pleased to expand its footprint with such an attractive development opportunity and is actively seeking additional investments in New Jersey.”
In announcing its plans, the firm touted the role of Chiesa Shahinian & Giantomasi PC, Ironbound Community Corporation, HK Commercial Realty Advisors LLC, Kelley Drye & Warren LLP, Maser Consulting PA, Matrix New World Engineering PC, Parette Somjen Architects LLC and Weston Solutions Inc.
Located at 256 Vanderpool St. in Newark’s South Ironbound section, the complex is rising just east of Route 21 and north of Interstate 78. A joint venture led by Penwood Real Estate Investment Management LLC and Penford Group is developing the 15-acre site.
When complete, the Portside Distribution Center will offer industrial space about three miles from Port Newark-Elizabeth and Newark Liberty International Airport.
“Portside, a new Class A distribution facility, offers immediate access to all roadways serving New Jersey and the Northeast along with unequaled proximity to the seaport and airport,” said Mindy Lissner, executive vice president with CBRE. “(The property) provides a robust labor pool and the opportunity to capitalize on the highest level of incentives available.”
Lissner is marketing the project with CBRE Executive Vice President William Waxman and Senior Vice President Ben Shapiro. They touted a facility that will offer 40-foot clear ceiling heights, 32 dock doors and parking for up to 111 trailers and 76 cars.
Penwood, a Hartford, Connecticut-based firm, announced the acquisition of the development site early last year.
“This site offers an ideal location for users with port, last-mile, regional, superregional, coastal, national and global supply chain logistic strategies,” Howard Freeman, the firm’s managing director responsible for East Coast acquisitions, said at the time. “Penwood is pleased to expand its footprint with such an attractive development opportunity and is actively seeking additional investments in New Jersey.”
In announcing its plans, the firm touted the role of Chiesa Shahinian & Giantomasi PC, Ironbound Community Corporation, HK Commercial Realty Advisors LLC, Kelley Drye & Warren LLP, Maser Consulting PA, Matrix New World Engineering PC, Parette Somjen Architects LLC and Weston Solutions Inc.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
