{"id":1004543688,"date":"2021-07-28T07:24:53","date_gmt":"2021-07-28T15:24:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004543688"},"modified":"2022-12-08T18:45:38","modified_gmt":"2022-12-09T02:45:38","slug":"top-5-industrial-properties-under-construction-in-northern-new-jersey","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-5-industrial-properties-under-construction-in-northern-new-jersey\/","title":{"rendered":"Top 5 Industrial Properties Under Construction in Northern New Jersey"},"content":{"rendered":"

\"\"<\/p>\n

Industrial development activity continues to soar across the country, with 470.1 million square feet under construction in July. While demand for new, modern space has been the highest in key coastal markets, developers have faced challenges in adding more inventory, particularly in those markets without an abundance of available land.<\/p>\n

Northern New Jersey is one such case. While 8.6 million square feet was under construction in the market as of July, this only amounted to 1.6 percent of inventory\u2014despite a record-low vacancy of 3.2 percent in May<\/a>. By comparison, projects at the national level comprised 3.1 percent of stock. Developers have turned to infill opportunities due to the dearth of land, as several of the largest properties underway show.<\/p>\n

The table below highlights the five largest industrial properties under construction in Northern New Jersey in July, based on data provided by CommercialEdge.<\/p>\n\n\n\n\n\n\n\n\n
Rank<\/strong><\/td>\nProperty Name<\/strong><\/td>\nTotal SF<\/strong><\/td>\nOwner<\/strong><\/td>\nExpected Completion<\/strong><\/td>\n<\/tr>\n
1<\/td>\nHeller Park North – Building 2<\/td>\n1,166,030<\/td>\nHeller Industrial Parks<\/td>\n10\/2021<\/td>\n<\/tr>\n
2<\/td>\nKingsland Meadowlands – Building A<\/td>\n932,168<\/td>\nRusso Development, Forsgate Industrial Partners<\/td>\n03\/2023<\/td>\n<\/tr>\n
3<\/td>\n150 Old New Brunswick Road<\/td>\n622,230<\/td>\nDuke Realty<\/td>\n08\/2021<\/td>\n<\/tr>\n
4<\/td>\nHRP Hudson Logistics Park – Building 1<\/td>\n427,155<\/td>\nHilco Real Estate<\/td>\n12\/2022<\/td>\n<\/tr>\n
5<\/td>\nInnov8tion Park – Building A<\/td>\n406,669<\/td>\nBlack Creek Group<\/td>\n03\/2022<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: CommercialEdge<\/em><\/p>\n

5. Innov8tion Park \u2013 Building A<\/strong><\/h2>\n
\"\"<\/a>

Innov8tion Park’s site. Image via Google Maps<\/p><\/div>\n

The first of two buildings at Black Creek Group\u2019s Innov8tion Park in East Windsor is the fifth-largest industrial project underway in the market. Construction on the 406,669-square-foot building began in March and the development is slated to wrap up early next year.<\/p>\n

The building at 148 Princeton-Hightstown Road is within a half-mile of the Hightstown Bypass. The speculative development will feature 40-foot clear heights, 40 loading docks, two drive-in doors and 67 trailer parking spaces. KSS Architects designed the property and Trammell Crow Co. is the development manager. CBRE is marketing the property.<\/p>\n

4. HRP Hudson Logistics Park \u2013 Building 1<\/strong><\/h2>\n

Hilco Redevelopment Partners\u2019 HRP Hudson Logistics Park, formerly the site of a coal power plant along the Hackensack River, is beginning to take shape in Jersey City. The three-building industrial campus broke ground earlier this year, and the largest structure\u2014the 427,155-square-foot Building 1\u2014is expected to deliver in late 2022.<\/p>\n

The cross-dock facility will have 104 loading doors, 40-foot clear heights, 8,250 square feet of built-out office space and parking for nearly 250 trailers. The full park will include 745,889 square feet within 5 miles of lower Manhattan.<\/p>\n

3. 150 Old New Brunswick Road<\/strong><\/h2>\n
\"\"<\/a>

150 Old New Brunswick Road. Image courtesy of Duke Realty Corp.<\/p><\/div>\n

The 622,230-square-foot building at 150 Old New Brunswick Road in Piscataway marks the third-largest industrial property under construction in Northern New Jersey. Duke Realty broke ground on the infill project in summer 2020, signing a full-building lease<\/a> with Bob\u2019s Discount Furniture in February this year.<\/p>\n

The cross-dock facility will have 126 loading doors, 40-foot clear heights and 127 trailer stalls, as well as four electric truck charging stations. The development is designed to achieve LEED certification and is scheduled for completion later this summer.<\/p>\n

2. Kingsland Meadowlands \u2013 Building A<\/strong><\/h2>\n

A joint venture between Russo Development and Forsgate Industrial Partners broke ground on the 932,168-square-foot Building A at Kingsland Meadowlands in late 2020. The speculative project\u2014one of two underway in the park\u2014is located at 3000 Valley Brook Road in Lyndhurst and is estimated to deliver in early 2023.<\/p>\n

The building will have 40-foot clear heights, 142 dock doors, four grade-level doors and parking for 271 trailers. The property will also have more than 37,000 square feet of office space and upward of 500 car parking spaces.<\/p>\n

1. Heller Park North \u2013 Building 2<\/strong><\/h2>\n
\"\"<\/a>

Building 2 at Heller Park North. Rendering courtesy of Heller Industrial Parks<\/i><\/p><\/div>\n

Heller Industrial Parks\u2019 1.2 million-square-foot property at 3 Sigle Lane in Dayton was the largest industrial development underway in the market as of July. Part of the 3.7 million-square-foot Heller Park North, the building will be the second largest in the 170-acre campus upon completion in the fall.<\/p>\n

The cross-dock facility features 196 dock-high loading doors, interior clearances of 40 feet, 140-foot truck courts and 395 trailer parking stalls. In April, home goods seller Williams-Sonoma signed a leasing deal to occupy the full building upon completion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Projects totaling 8.6 million square feet were underway in July, according to CommercialEdge data, as developers responded to the market\u2019s record-high demand.<\/p>\n","protected":false},"author":861,"featured_media":1004543971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,22251,21748,41288,1600,21742,10],"tags":[39329,38162,33010,48071,35078,36719],"class_list":["post-1004543688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-in-focus","category-industrial","category-rc-listicles","category-new-york","category-latest","category-northeast","tag-topofthelist","tag-black-creek-group","tag-duke-realty-corporation","tag-forsgate-industrial-partners","tag-hilco-real-estate","tag-russo-development"],"acf":[],"yoast_head":"\nTop 5 Industrial Properties Under Construction in Northern New Jersey - 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