C&W is looking for one or two tenants to occupy the "big box" building, a single-story facility with 32-foot clear ceilings. The developers will do a build-to-suit for the office portion of the facility, which can also accommodate a 34,000-sf mezzanine for future expansion.

The building is a little unusual for the Meadowlands submarket, according to Frank Caccavo of C&W, who with the firm's Jules Nissim, Steve Elman and Jason Goldman is handling the assignment. "Most Meadowlands industrial buildings were built in the 1950s, 60s and 70s, with maximum 24-foot clear ceilings and less than 100,000 sf of warehouse space," according to Caccavo.

"As a result," he continues, "the sheer size of the Meadowlands Distribution Center provides a distinct advantage for big-box users. This is the type of building that is being built at Exit 8A of the New Jersey Turnpike, which is nearly 40 miles from Manhattan. This building sits just six miles from Manhattan."

The 18.4-acre site is also a little unusual. Land for a big-box industrial project of this size is getting a little scarce in the submarket, according to Caccavo.

The new Meadowlands Distribution Center also marks the first project in the submarket for the Chicago-based ORIX Real Estate Equities. According to senior VP Scott Coopchik, the location and lack of newer product made the project appealing.

"Although the barriers to entry are challenging and it's difficult to assemble a site, we like the Meadowlands," Coopchik says. "It's an incredibly strong market with great proximity to Manhattan. And there is little competitive product to our building as the handful of comparable facilities are fully occupied."