"The property has excellent access to the New Jersey Turnpike, and it has proximity to the three biggest demand drivers in the region - the port, Newark Liberty International Airport and New York City," says Nelson C. Rising, Catellus' chairman and CEO. "Further, historical land constraints in the area have led to a short supply of new industrial product, resulting in low vacancy and growing rents."
Elizabeth mayor Chris Bollwage expects the redevelopment project will bring in new revenue, new business and new employment to the city. "Our redevelopment strategies have always focused on more than just building new structures on underutilized parcels of land."
In the past year or so, Catellus, which has mostly focused on the Western US, has quickly become a major player in the Garden State's industrial real estate market. The company's newest project is located between exits 13 and 14 of the New Jersey Turnpike.
Early last year, the company bought a 25-acre parcel at Exit 12 of the Turnpike a few miles to the south in Carteret, and quickly launched construction of a 360,000-sf industrial building, also on spec. And this past fall, Catellus bought up an adjacent 290-acre site, also at Exit 12 but in the neighboring Woodbridge, and promptly announced plans to develop Port Reading Business Park. The latter anticipates a seven-year build-out of more than three million sf and a total investment of about $175 million.
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