Cushman & Wakefield said it was recently retained on an exclusive basis to market an industrial development site located at 7 Slater Drive in Newark for sale.
C&W’s Charles Fern, Kyle Schmidt, Thomas Tucci and Stephen Shoemaker will be spearheading that campaign site for sale on behalf of the seller.
“According to Cushman & Wakefield research, there is currently only 1.2 million square feet of industrial product under construction within the Port (of New York and New Jersey) submarket, representing a mere 0.4% of the overall industry in New Jersey. This site offers the rare opportunity to construct a state-of-the-art industrial property that will heavily benefit from its sought-after Port location. Furthermore, the Port industrial submarket is characterized by an average inventory age of 58 years old. Once redeveloped, 7 Slater will be on a short list of modern, highly functional and perfectly sized logistics facilities all located 6 miles from the Port Newark entry gate,” Schmidt said.
7 Slater Drive is a 5.46-acre site that is currently improved by a 130,000-square-foot building that was formerly utilized as an e-commerce distribution center. The site is ideal for food distribution/manufacturing as well as any third-party logistics Port-related use.
Situated less than 2 miles from Port Newark and Elizabeth and Staten Island, the property offers convenient accessibility to Newark Liberty International Airport, Brooklyn, Manhattan, the Holland Tunnel, the Lincoln Tunnel and the Outerbridge Crossing.
According to Cushman & Wakefield research, the Port of New York and New Jersey is the second-busiest port in the nation, averaging over 60,000 unique truck visits per week, creating ample demand for industrial outdoor storage in the surrounding area. The greater Port submarket ranks as one of New Jersey’s highest in annual rent growth, totaling 154% over the last five years, which equates to a 31% annual average increase. Industrial outdoor storage rents in Port Newark exceed $35,000 per acre per month and similarly located new construction rents have surpassed $30 per square foot.