Developed in partnership with River Development Equities, Russo Development’s newest logistics and warehouse development in Kearny is moving quickly toward delivery this quarter.
The 211,287-square-foot Class A facility located at 1100 Harrison Ave. (Rt. 508-Newark- Jersey City Turnpike) provides close proximity to key distribution corridors in New Jersey and the East Coast.
1100 Harrison is an ideal location and development to deliver an incoming tenant a first-class, efficiently designed building with a significant amount of excess parking in a supply constrained environment in the northern New Jersey-New York Metro area.
“The most critical factor in logistics is project location. At Russo, we strategically select our locations to maximize efficiency and transportation costs for our tenants, and that is exactly what 1100 Harrison Ave.’s location will provide, located less than a mile from the New Jersey Turnpike,” Michael Pembroke, chief operating officer at Russo Development, said. “The connectivity that this development offers to New Jersey will be invaluable for our future tenant.”
The warehouse facility is located less than six miles from Newark Airport, nine miles from Port Newark and just under 11 miles from Midtown Manhattan. 1100 Harrison Ave. is also situated between and along major interstate highways including the New Jersey Turnpike and Interstates 80, 280 and 78. In addition, there are over 4.8 million people in the workforce within a 15-mile radius of the development, with 50 million consumers within a day’s drive.
The single-story distribution center at 1100 Harrison Ave. delivers 251 parking spots, 41 loading docks, 64 trailer parking stalls and 38-foot clear height upon completion, as well as office space built to the tenant’s specifications.
River Development sourced the property, a former manufacturing facility, in an off-market deal. Working closely with the multigenerational business owners, River Development advised and executed pre-closing environmental remediation across local, state and federal agencies. In conjunction with Russo Development and in close collaboration with the township of Kearny, 1100 Harrison Ave. is now poised to be a valuable asset to serve the northern New Jersey warehouse and industrial market.
The development is located within Kearny’s Urban Enterprise Zone that provides multiple benefits for the local and regional economy. Kearny’s UEZ incentives include a 50% reduction in sales tax for retail customers, corporate employee tax credits and priority financial assistance in accordance with state programs.
NAI James E. Hanson’s industrial leasing team, led by Tom Vetter and Jeff DeMagistris, is representing the team in its efforts to secure a long-term, creditworthy tenant.
