Paragon Packaging signed a 192,111-square-foot lease at Central 9 Logistics Park, a nine-building, 4.2 million-square-foot, state-of-the-art industrial park located on Jake Brown Road in Old Bridge, according to a Thursday announcement from Cushman & Wakefield, which brokered the transaction.
Paragon Packaging will occupy the entirety of Building 2, which will be utilized for its new headquarters. The building is expected to be delivered in the second quarter.
Cushman & Wakefield’s Mindy Lissner, Bill Waxman, Christine Eberle, David Gheriani, Jeff Volpi and Morgan Nitti represented the landlord, 2020 Acquisitions, in the transaction. Paragon Packaging was represented by Newmark’s Kyle Eaton.
“We are thrilled to have arranged the first lease at the cutting-edge Central 9 Logistics Park,” Lissner said. “This premier property is centrally located with incredible access to ports, airports and major highways. The park is situated on Route 9 with multiple modes of ingress and egress from Exit 11, 10 and 9 of the New Jersey Turnpike. Tenants will benefit from the property’s prime location, which boasts an unrivaled reach to over 100 million consumers and an exceptional labor pool.”
Central 9 Logistics Park is a modern, best-in-class industrial park that is ideal for e-commerce, warehouse and distribution. The park is being developed in three phases, with all of the buildings expected to be delivered in 2024. The first phase consists of the development of Building 2, Building 3 (818,395 square feet), Building 4 (271,348 square feet), Building 5 (277,538 square feet) and Building 6 (495,086 square feet).
Upon completion, Building 2 will consist of 192,111 square feet, including 7,500 square feet of office and production space, 97 parking spaces, 40-foot clear heights, 28 dock doors, two drive-in doors with ramps and five electric vehicle charging station spaces.
“We are excited to welcome Paragon Packaging to this extraordinary property and look forward to continuing to work with 2020 Acquisitions to lease the remaining availabilities at the state-of-the-art park,” Gheriani said. “Building 2 was originally slated for development during the second phase, but due to Paragon’s goal to utilize the property as their new headquarters location, 2020 Acquisitions accelerated the timeline to complete the building during the first phase, which serves as further evidence of their commitment to their tenants.”
Situated along Route 9 and the Garden State Parkway, Central 9 Logistics Park provides unique direct highway access and is less than 30 minutes away from Port Newark, Port Elizabeth and Newark Liberty International Airport.
