C&W team set to market 360,000 s/f industrial site.

Cushman & Wakefield of New Jersey, Inc. has been appointed to market Catellus Development Corporation's 360,000 s/f industrial building now under construction in Carteret, N.J. Scheduled to be completed in early 2005, the warehouse/distribution facility sits on 25 acres of land. It represents the first major industrial project to be built without prior lease commitments at New Jersey Turnpike Exit 12 in many years.

This fall, Catellus acquired an additional 290 acres of land adjacent to the site, in Woodbridge, N.J. To be known as Port Reading Business Park, the property is approved for up to 3.25 million s/f of industrial space. The San Francisco-based REIT is expected to develop the site over five to seven years, with a projected total investment of approximately $175 million.

"We are seeing extraordinary interest in the Carteret site, which will offer state-of-the-art big box space," said Cushman & Wakefield of New Jersey's Stan Danzig, who is heading the assignment with Jules Nissim of the firm's East Rutherford office, and Frank Caccavo and Jason Goldman of the company's Iselin location.

"Work and infrastructure improvements also are underway for the Woodbridge component of the project, where Catellus will implement a program of development that includes both build-to-suit and unleased space."

According to Danzig, Catellus will maintain a steady pipeline of construction commensurate with regional demand.

"The port submarket between Jersey City and Perth Amboy is primed to become New Jersey's next industrial hot spot," he said. "It lies mid-way between the state's two main distribution hubs--with the Meadowlands to the north and Exit 8A to the south. Yet the area remains virtually untapped, with extraordinary potential for new development and brownfields redevelopment. As demand and construction activity continue to gain momentum there, Catellus is positioned-to lead the next generation of industrial market growth in New Jersey."

The East Rutherford and Iselin Cushman & Wakefield teams offer more than 75 years of combined experience in the market.

"We have partnered our most seasoned industrial leasing specialists for this assignment," Danzig noted. "Our collective skills and market knowledge ensure highly effective coverage."