Central Jersey ideal spot for distribution, warehouses.
When it comes to the hearty appetite for distribution and warehousing space we've been seeing, New Jersey generally benefits from the availability of open land and the ease of putting up large horizontal structures. And when you zero in on the Central Jersey region, you've hit the bull's eye.
While the Garden State is a natural for industrial properties, big box buildings, and "high cube" warehouses and distribution facilities, the overriding plus for Central Jersey is the old standard location, location, location. The area is strategically situated so that access to both New York City and Philadelphia is easy. Almost any company seeking a distribution facility is going to see the cost-saving advantages of operating here.
At exit 10 on the New Jersey Turnpike, in an area rapidly nearing capacity, developers are turning towards reclaimed brownfields as potential sites for new construction I recently worked with FedEx Ground in helping the company find a location for a new East Coast hub. As a result of the company's highly specialized facility requirements, it decided to redevelop 80 acres in a contaminated 150-acre parcel, part of a 2,500-acre industrial park. The exceptional location of the new 435,000-square-foot hub, with access to the Garden State Parkway,. the Turnpike, and Interstates 95 and 287, is within the Raritan Center, the state's largest business/industrial park.
During this past year, Central Jersey's big box buildings and distribution facilities, which offer 32 - 38 foot ceilings and anywhere from 200,000 to 1 million square feet of space, have seen an enormous increase in demand, especially those located down the Turnpike at exit 8A in the area of South Brunswick, Monroe and Cranbury where open space is more readily available. And even now, areas around exit 7A and exit 6 still further down the Turnpike have seen an increase in demand.
Not only are these areas attracting numerous new prime tenants, but they are also retaining many of their current tenants. Companies have chosen to expand here or renew leases, rather than relocate elsewhere.
In the last few years, we have negotiated deals in the vicinity of exit 8A totaling more than 2 million square feet for distribution facilities for such companies as ShopRite/Wakefern, Main Tape, Intimate Resources, Icon and General Medical.
As many would attest, real estate is a cyclical business. As long as the economy remains strong, demand for Central Jersey space is going to also re
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|Title Annotation:||New Jersey|
|Author:||COHEN, PAUL D.|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Mar 21, 2001|
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