CenterPoint Secures Tenant for New Jersey Project
The facility is expected to be completed this summer.
1501 W. Edgar Road. Image courtesy of CenterPoint Properties
Third-party logistics company CODA Logistics and Distribution has signed a preleasing agreement at CenterPoint Properties’ 321,765-square-foot industrial development in Linden, N.J. The developer broke ground on the project in November 2022, with completion expected in August 2023.
The Class A industrial project will be located at 1501 W. Edgar Road and will include 40-foot clear heights, 62 loading doors, 240 vehicle parking spots and 89 trailer parking spots.
The company purchased the nearly 21-acre lot in 2021 for $31.5 million, according to CommercialEdge data. The property is close to interstates 278 and 95, within 5 miles from Howland Hook Marine Terminal, 6 miles from Newark Liberty International Airport, 11 miles from Port Newark-Elizabeth.
KBC Advisors’ Partner Michael Kimmel negotiated on behalf of the tenant, which will use the property as a warehouse. Cushman & Wakefield’s Executive Managing Director Stephen Elman, Vice Chairmen Jules Nissim and Stan Danzig worked on behalf of CenterPoint Properties.
Earlier this month, GXO Logistics signed a full-building lease at a 611,000-square-foot industrial warehouse in South Brunswick, N.J. KBC Advisors negotiated on behalf of the landlord, Link Logistics, which purchased the asset in 2019 as part of an $18.7 billion portfolio acquisition. In December 2022, Brookfield Properties started construction on Windsor 8 Logistics Center in East Windsor, N.J. The 325,710-square-foot Class A industrial project is situated on a 28-acre site, with easy access to New York City and port of Newark-Elizabeth and is expected to be completed in 2024.
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