JLL has been tabbed to market a two-building industrial property in West Caldwell, the real estate firm announced recently.
Link Logistics, Blackstone Real Estate’s U.S. industrial real estate operating portfolio company, and the Hampshire Real Estate Cos. have redeveloped the property at 5 Dedrick Place, which includes two industrial facilities totaling 215,221 square feet.
The former suburban office building — once home to Ricoh USA Inc.’s corporate offices — has been redeveloped into a pair of state-of-the-art industrial facilities. Building A offers 134,453 square feet, while Building B offers 80,768 square feet. Both buildings include office space, loading docks and drive-in doors, among other features.
The team overseeing the leasing assignment includes Chad Hillyer, managing director; Jenna Imperatore, senior vice president; and Tyler Baker, vice president.
“This unique project combines the redevelopment of traditional office space with state-of-the-art new construction, offering a leading-edge facility with superior functionality at a time when demand for such space is increasing in the area,” Hillyer said in prepared statement. “The institutional-grade space is the first of its kind in this market and offers an extraordinary opportunity for industrial occupiers.”
The redevelopment will be completed in 2021, JLL said.