CenterPoint Properties has preleased a development under construction near Port Newark-Elizabeth to New Jersey-based CODA Logistics and Distribution, according to a Thursday announcement.
CenterPoint broke ground on the 321,765-square-foot Class A industrial distribution facility at 1501 W. Edgar Road in Linden last November. Construction is expected to be completed in August.
The Illinois-based industrial firm acquired the more than 20-acre site of a former Walmart-anchored shopping center in the fourth quarter of 2020.
Ronel Borner, CenterPoint’s senior vice president of development, cited the property’s easy access to two Interstate 95 interchanges and its location 11 miles from Port Newark-Elizabeth as major benefits for Port Reading-based CODA, which will use the facility for short-term storage of bonded goods coming from the New York/New Jersey ports.
“We’re delighted we’ll be able to hand the keys to Marie Costa and her fantastic team at CODA,” Borner said. “This project is prototypical of the developments CenterPoint is known for building nationwide: Top-flight facilities featuring an array of modern amenities, including exceptional car and trailer parking, with efficient access to ports and critical transportation infrastructure, in the most competitive infill submarkets markets in America.”
Costa, president of CODA, said: “Lease negotiations were seamless with the entire CenterPoint group. We look forward to our company’s growth in this newly built facility.”
Interest in the development was strong among a variety of user types, according to Borner. He cited the above-market parking count and high-throughput site and building design as reasons why.
The property will feature a warehouse with a 40-foot clear heights and 62 loading doors, and parking for 89 trailers and 240 cars.
Even in the face of uncertain economic conditions and stabilized port volume, users continue to target the submarkets near the ports for relocation and expansion.
Cushman & Wakefield‘s Stephen Elman, who represented CenterPoint along with Jules Nissim and Stan Danzig, said the lease-up of the Linden development some five months from its completion underscores the continuing high demand for state-of-the-art industrial warehouses on spacious lots. Michael Kimmel of KBC Advisors represented CODA.
“As evidenced by the amount of pre-leasing activity we saw at 1501 W. Edgar Road, market fundamentals for Class A well-located distribution buildings in northern and central New Jersey continue to be very strong,” Elman said.