KOR began actual sitework in mid-2003, but "we have been 'in project' for five years, going through assemblage, putting in the infrastructure, and so forth," says KOR president/CEO Harry Kantor. KOR will have some help in building out the 170-acre Central Crossings to its eventual 2.2 million sf of mostly warehouse/distribution space.

While the company retains ownership and development rights to five parcels, KOR last fall sold off a 77-acre tract prepped for up to one million sf to a partnership of the New York-based Rockefeller Group Development Corp. and the Atlanta-based IDI.

As reported by GlobeSt.com, the sale price and terms weren't disclosed, but Stan Danzig of Cushman & Wakefield of New Jersey, who brokered the sale along with that firm's Jules Nissim terms it "a very high land value, a precedent-setting land value. We had an extraordinary amount of interest in it."

"We're new to the industrial market, and we just thought it would be good to get it kick-started," Kantor told GlobeSt.com last year, after the sale was completed. "Bringing in Rock Group added a tremendous amount of credibility to the park."

As far as the second phase of KOR's part of the project, the two new buildings, like the rest of the park, will have up to 43-foot ceiling heights, 60-foot dolly pads and 130 feet of maneuvering space for trucks, according to Kantor. Central Crossings is located along Rising Sun Road in South Jersey's Burlington County, and the New Jersey Department of Transportation is currently constructing a connecting road from Rising Sun Road directly to the Turnpike's Exit 7.

The project is another sign that industrial development is moving south along the New Jersey Turnpike as available land dries up further to the north at exits 8A and 7A. "This is becoming one of the most desirable new warehouse/distribution hubs," Kantor says.

Instant Insights /

KOR Is Set to Launch 650,000-SF Second Phase of Park

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