Leaders from Chicago-based industrial real estate developer CenterPoint Properties recently joined officials from third-party logistics company CODA Logistics & Distribution and the city of Linden at the grand opening of CODA’s new headquarters.
CenterPoint broke ground on the 321,765-square-foot, state-of-the-art distribution facility at 1501 W. Edgar Road just 13 months ago. According to CenterPoint, the 20.48-acre property was the former home of a functionally obsolete retail power center that had fallen into disrepair after its anchor tenant elected to vacate.
CODA preleased the new facility in March 2023. Cushman and Wakefield’s team of Stephen Elman, Jules Nissim and Stan Danzig represented CenterPoint’s leasing efforts, while Michael Kimmel at KBC Advisors represented CODA.
Ronel Borner, CenterPoint’s senior vice president of development in the firm’s East Region, said the completed development — consisting of the industrial facility and retail stores — is “a great outcome” for everyone involved in bringing the project to life.
“Many of you may know this is the former site of a functionally obsolete retail center. Today, it is the home to a best-in-class, Class A industrial distribution center that will deliver significant tax and job benefits to the city of Linden for decades to come,” said Borner. “It’s a great outcome for Linden and CODA, and we’re obviously excited to have been a part of this exciting project.”
CenterPoint at Linden offers CODA several significant upgrades over its previous 220,000-square-foot facility in Port Reading.
Borner credited his team and partners for the high-throughput facility and site design that gives CODA operational advantages, including a high-door count — 64, including two drive-up ramps — a 40-foot clear height, and parking for 89 trailers and 250 cars.
CenterPoint also obtained LEED Silver certification from the U.S. Green Building Council after incorporating several sustainable features into the facility’s design, including electric vehicle charging capability and rooftop solar panels.
Marie Costa, president of CODA, credited her team for weathering the tumultuous ebbs and flows the logistics industry has experienced since she founded the company in 2020, and believes the new facility will play a key role in her plans to triple the size of the company in the next five years.
“The supply chain involves so many moving parts and so many entities to move cargo from point A to point B,” Costa said. “We deal with so many variables, yet I continue to be amazed at the determination of our team to overcome all and any obstacles that come their way.”
Linden Mayor Derek Armstead displayed a chart showing how the new development will nearly double his city’s projected tax revenues over the next 30 years — from $11.8 million to $22 million — compared to the previous retail center on the site.
“We’re very serious about making sure our municipal taxes are spent wisely. We’re very concerned about the developments that come into town. We put a lot of work, energy and time into making sure these types of projects come into existence,” Armstead said. “We’re talking about responsible development, things that are going to bring revenues into the town and keep our homeowners from being taxed.”
