JLL Northeast Industrial said Monday that its team completed the full-building lease of the 195,723-square-foot, state-of-the-art Harborview Logistics Center in Bayonne, on behalf of Delta Equity Management.
HD Supply, the North American distributor owned by Home Depot, will relocate and expand from its present facility at 3 Enterprise Ave. N., Secaucus, to occupy the entire facility located at 71 New Hook Access Road near the former Marine Ocean Terminal in Bayonne.
JLL Northeast Industrial Vice Chairman Joel Lubin and Managing Director Gary Politi represented ownership in the seven-year lease. Colliers Vice Chairman Noah Balanoff represented the tenant.
“With its state-of-the-art infrastructure, freestanding location and unrivalled accessibility, Harborview Logistics Center is an ideal location for a company seeking to accommodate consumer demand for rapid delivery,” Lubin said. “The northern New Jersey industrial market has a significant shortfall of available space, and this brand-new property at the heart of the nation’s most populous area had significant appeal.”
Developed by Delta Equity Management and set for completion in January 2023, the speculative new property features 46 dock doors and two drive-ins. It has 40-foot-clear ceiling heights, a 135-foot truck court and parking for 32 trailers and 149 cars. Harborview Logistics Center has a 20-year Payment in Lieu of Taxes agreement, which will reduce real estate taxes on the building for the long term.
Situated in Hudson County’s Gateway Region on a peninsula located between Newark Bay to the west and New York Bay to the east, the site is just 10 miles from Manhattan, and stands at the center of the largest population mass in the U.S. It offers unparalleled transportation options with access to Interstate 95 and proximity to the Port of Newark and Newark Liberty International Airport.
According to JLL’s most recent Industrial Insight report, developers can’t build fast enough to meet demand in the Garden State. Current active under-construction inventory reached 27.2 million square feet in the third quarter, double that of the same time last year. While leasing activity has moderated, JLL attributes that to the lack of available inventory and a cooling of the white-hot market driven by COVID e-commerce demand.
Vincent DiDomenico, founder and president of DEM, said, “We are thrilled to welcome HD Supply to Harborview, a development that will continue to contribute to the Bayonne economy while filling a void for modern logistics space at the heart of the metropolitan region.”
