The port facilities of Newark and Elizabeth, of course, are operated by the Port Authority of New York and New Jersey. The facility itself sits within Elizabeth's state-designated urban enterprise zone, which carries "substantial tax advantages and other benefits for investors," according to Miller.
In terms of location, the asset is at Exit 13A of the New Jersey Turnpike. It sits directly across from Newark International Airport, abutting port property, in the midst of a major intermodal concentration.
According to Miller, the building is currently zoned for light industrial usage, is available for immediate occupancy and is divisible to 120,700 sf. It also has 400-lb. floor loads and 24-foot clear ceilings, 31 tailboard loading docks and upgraded security including on-site guards.
The Exit 13A market, of course, is one of the Garden State's older industrial submarkets, especially for warehousing and distribution uses. Logistics operations have spread dramatically southward along the New Jersey Turnpike, with much of the current growth taking place in the Exit 6 to Exit 8A stretch. Access all along the corridor between New York and North Jersey to the north and Philadelphia and other points to the south has turned New Jersey's industrial overall market into arguably the strongest submarkets in the country.
"The building's size, location, accommodations and zoning incentives make it one of the most appealing sublet opportunities in the market," Miller concludes.
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