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Keystone Property Trust has broken ground for 1.5 million sf of spec distribution facilities here. This submarket, made up of southern Middlesex and western Monmouth counties, has been experiencing some of the nation’s highest levels of industrial leasing activity, and observers have indicated the it’s ripe for more space, spec or otherwise.

The projects now underway bracket both side of Exit 8A of the NJ Turnpike. The first phase is a 475,000-sf facility adjacent to Keystone’s 100%-leased 845,000-sf distribution center completed last year. Occupancy is slated for next March.

The next two phases include a 510,000-sf facility, expandable to a million feet, and a 490,000-foot building slated for occupancy in mid-2002.

Altogether, the Northern/Central NJ industrial market encompasses some 730 million sf of space with low vacancy and little supply in the pipeline.

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