Russo Development and Forsgate Industrial Partners jointly announced Friday they have completed the $42.5 million purchase of the Kingsland Tract, a 718-acre former landfill site spanning Lyndhurst, Rutherford and North Arlington, from the New Jersey Sports and Exposition Authority.
The site, Russo and Forsgate said, will be built into the Kingsland Meadowlands, a logistics and e-commerce development for up to six buildings totaling more than 3 million square feet of industrial space.
Kingsland Meadowlands is slated for completion in late 2021, the developers said.
“The Meadowlands submarket is one of the strongest industrial/warehouse markets in the United States, and the opportunity to build this project in such an outstanding location is a great accomplishment for not only our companies, but for the region that we have helped develop over the course of more than 100 years of combined history,” Edward Russo, CEO of Russo Development, said.
Tom Sullivan, senior vice president at CBRE Inc., represented NJSEA in the sale and marketing of the property.
“The sale of the Kingsland Tract is the culmination of many years of complex work by the NJSEA staff, the municipalities and the developers,” Vincent Prieto, CEO and president of NJSEA, said. “We look forward to a new generation of contributions to the Meadowlands Community from this esteemed property.”
Jim Kirkos, president of the Meadowlands Chamber, said the chamber welcomes the redevelop as an opportunity to reinvent the property.
“We are very grateful that two of the most formative developers in our region, Russo Development and Forsgate Industrial Partners, were given the opportunity to reinvent this critically important piece of property,” says Jim Kirkos, president of the Meadowlands Chamber. “The Kingsland Meadowlands plan is consistent with the business culture of the region and will be a welcome addition to a market hungry for logistics capacity. The golf course resort previously envisioned for this site could never have created the economic activity and career opportunities appropriate for the Meadowlands’ highly skilled employment pool.”