Cushman & Wakefield on Wednesday said it facilitated the sale of 42 Military Ocean Terminal, an 886,256-square-foot industrial property in Bayonne.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, David Bernhaut, Andrew Merin and Ryan Larkin, in coordination with Adam Spies and Marcella Fasulo, represented the seller, Lincoln Equities Group, in the transaction.
“This project is the ultimate real estate unicorn, combining an irreplaceable one-of-one location with new construction, a pristine long-term tenant and an abundance of parking. It is particularly gratifying to have worked with long-term client Lincoln Equities on the project since 2018,” Gabriel said.
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Scheduled for completion in 2022, the property will feature 252 cross-docked loading positions, 120 to 170-foot truck courts, 734 and 831 trailer and car parks and a 1,700-foot wharf. The building is fully preleased to an investment grade tenant through 2042.
Sitting on 80.37 acres, the asset offers maritime access to the Hudson River/New York Harbor and the Newark Bay via the Kill Van Kull, as well as the Global Container Terminal; New Jersey Turnpike; Interstates 78 and 287; and Routes 440, 1 and 9.