JERSEY CITY, NJ – Two companies taking advantage of state incentive programs have agreed to leases for a total of nearly 740,000 square feet at the former New Jersey landfill site here that is being transformed into a LEED-certified logistics center by Prologis.
A Jones Lang LaSalle team represented Prologis in the build-to-suit transactions at what is now known as the Pulaski Distribution Center, located at 295 Routes 1 & 9. Robert C. Kossar and David Knee were joined by Blake Chroman and Christopher Hile in orchestrating the two deals.
Online grocer Peapod signed a long-term lease for 345,000 square feet of new space, after being awarded $34.6 million in Urban Transit Hub tax credits by the state Economic Development Authority.
Also, Imperial Bag & Paper Co., a wholesale packaging distributor, signed for 395,000 square feet, after winning $29.1 million in Grow New Jersey credits. The company will relocate from Bayonne.
“Prime examples of the tremendous success of the state’s incentive programs, these deals will serve as a boon to New Jersey’s economy,” Kossar said in a statement. “Both firms will bring hundreds of jobs to Jersey City — jobs that could have otherwise been lost if it weren’t for the vital UTHTC and Grow New Jersey programs.”
There is still 140,000 square feet of space available for lease at the center, which is seated within an Urban Enterprise Zone, three miles from the New Jersey Turnpike.
The distribution facility is under construction now on a nearly 50-acre tract of land purchased by Prologis in 2008 as a brownfield and cleaned up under the supervision of state and federal regulatory agencies. When complete, it will provide 36-foot-clear ceiling height, 159 tailgates, four drive-in ramps, 139 trailer storage spaces and more than 350 parking spaces.
Kossar said. “There is a very limited supply of this kind of space in Northern New Jersey and we are optimistic that the remaining space in the project will lease quickly.”