"We are seeing extraordinary interest in the site," says Danzig, who is heading the assignment with Jules Nissim of the firm's East Rutherford office and Frank Caccavo and Jason Goldman of the Iselin office. "It will offer state-of-the-art big box space."
It's also the first step in a major commitment Catellus is making to the region's industrial market. As reported by GlobeSt.com, the REIT recently acquired a 290-acre tract that, while immediately adjacent to the current development site, is actually located within the neighboring Woodbridge. The newly acquired property is approved for up to approximately 3.3 million sf of industrial space, and Catellus officials say they expect to spend $175 million to build it out over the next five to seven years.
"Work and infrastructure improvements are already under way for the Woodbridge component of the project, which has been named Port Reading Business Park," Danzig says. "Catellus will implement a development program that will include both build-to-suit and unleased space. Catellus will maintain a steady pipeline of construction relating to regional demand.
The broker adds that the port submarket between Jersey City and Perth Amboy is primed to become New Jersey's next industrial hot spot. "It lies mid-way between the state's two main distribution hubs, the Meadowlands to the north and Exit 8A to the south. Yet the area remains virtually untapped, with the potential for both new development and brownfields redevelopment. Demand and construction activity will continue to gain momentum here."
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