ELIZABETH, NJ-A 233,000-sf, multi-year industrial sublet opportunity is coming on the market at Exit 13A of the New Jersey Turnpike. The availability, divisible to 112,600 sf, is being shopped by Leonard T. Miller and Marc S. Graham of Cushman & Wakefield of NJ, East Rutherford.
The building, at 228 North Ave. E., is owned by AMB Property Corp. The current tenant is FedEx, with officials of that company labeling the space "surplus." The property is located adjacent to Newark Liberty International Airport, which FedEx uses as one of its major shipping hubs. The delivery company occupies a major amount of space at other buildings in the region. The availability, located within the owner's AMB Tri-Port Distribution Center, also abuts the facilities of the Port of Newark/Elizabeth.
"This building occupies a desirable site at Exit 13A, a market that's growing by leaps and bounds," Miller says. "Add to that the property's size, zoning incentives and regional amenities, and it's a unique sublet opportunity.
The property, which will be ready for occupancy by the end of this year, is zoned for light industrial use with 400-pound floor loads and 24-foot clear ceiling, according to Miller. Offering both Turnpike and air-traffic visibility, it is also located within this city's urban enterprise zone, which offers a variety of tax incentives and other benefits. The property is also surrounded by dense industrial and commercial development, including multiple hotel complexes and shopping centers.
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