Atlanta-based IDI Logistics acquired two land sites in New Jersey totaling approximately 32 acres. IDIL plans to redevelop the sites into two state-of-the-art warehouse/distribution buildings. Both sites are currently encumbered by office buildings.
The first acquisition site consists of 14 acres located at 1551 S. Washington Ave. in Piscataway in the Route 287/Exit 10 submarket, the largest industrial submarket in Central New Jersey.
1551 S. Washington Avenue offers immediate access to Interstate-287 and is approximately 9 miles from exit 10 of the NJ Turnpike. The site’s location provides convenient access to Port Newark-Elizabeth and offers excellent connectivity for tenants looking to service customers on a regional or super regional basis.
The second acquisition site consists of 18 acres located at 370 Scotch Road in Ewing in the Princeton submarket. With immediate access to Interstate-295, 370 Scotch Road offers uninterrupted highway travel to the Port of Newark/Elizabeth. The site is located minutes from the abundant labor pools in Trenton and the surrounding suburbs. This location offers convenient access to the New York and Philadelphia Metro Areas.
“These are IDI Logistics’ first internally sourced new land acquisitions in New Jersey in several years. We are very excited to launch a strategic pipeline of redevelopment opportunities in this critical market,” said Matt Breaux, Senior Vice President, East Region for IDI Logistics.
Justin Burns, Northeast market officer for IDI Logistics, added, “These acquisitions continue our strategy of rebalancing operating assets towards the coastal markets. We’re excited about these projects and will continue to grow our portfolio in New Jersey.”
In addition to these new acquisitions in New Jersey, IDI Logistics recently developed and leased its entire 111KSF Passaic Logistics Center in Passaic. The company also began adding energy-generating solar panels to the roofs of its buildings in New Jersey this year.