NEWARK-Construction is under way for a 50,000-sf truck terminal building for FedEx Freight, with its completion anticipated by the end of the year. The Morris Cos., based in Rutherford, is doing the build-to-suit project for FedEx.
The transaction, which involves the sale of the 13-acre site to the Morris Cos., construction of the building and FedEx's long-term lease, has a value of more than $30 million, according to Thomas F. Monahan, senior vice president of Colliers Houston & Co., Teaneck. Monahan arranged the transaction.
The 83-door building, located near Newark Liberty International Airport, which functions as a FedEx hub, as well as the Port of Newark and Elizabeth, has direct access to both facilities. It will service FedEx Freight's growing LTL business sector in the tri-state area.
The 34-year-old Morris Cos., founded by Joseph D. Morris and Robert Morris, develops warehouse/distribution facilities in the Northeast. Among the company's clients besides FedEx are Canon USA, Barnes and Noble, Nippon Express, Wakefern Food Corp., Cosmetic Essence and Allied Office.
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