CARTERET, NJ-Slayton Development, a joint venture of two local private owners, is getting ready to develop a multi-phased industrial project at Exit 12 of the New Jersey Turnpike here. The venture is actively courting build-to-suits but will break ground for phase one in about a year on a speculative basis in any case. If the first phase is done on spec, it will take an estimated nine months after groundbreaking for it to be ready for tenants.

“We’re focusing on those companies that need proximity to the ports of Newark and Elizabeth and Newark International Airport,” Mindy Lissner, first vice president of CB Richard Ellis, tells GlobeSt.com. CBRE’s New Jersey Industrial Team, based in Iselin, NJ, has the marketing/leasing exclusive for the project.

Phase one, which will build out to upwards of 1.2 million sf, will occupy 61 acres of a brownfield site being redevelopment by Slayton. The original plan for the first phase is for three buildings ranging from 270,000 to 560,000 sf. Total potential build-out for all phases is estimated to be three million sf.

“But because of the timing, we can entertain any type of build-to-suit,” according to Lissner. “Nothing’s set in stone. We will also be able to accommodate special uses, including refrigerated or freezer warehouses, air freight facilities, as well as standard high-bay distribution centers.

“Because there aren’t too many sites where you can do a build-to-suit of this size in the area, we have the luxury of time,” Lissner tells GlobeSt.com. “There has been a lot of interest from potential users. It’s something people are looking at in terms of planning for their needs two years down the road.”

The site, which also carries urban enterprise zone benefits, is immediately adjacent to a new Exit 12 interchange that the New Jersey Department of Transportation is planning to build within the next five years. That project, which is expected to cost upwards of a quarter of a billion dollars, “is fully approved,” according to Lissner. “The new interchange will basically bring you right into the property.”

The various facilities within the project will have 32- to 36-foot clear ceiling heights. They will feature architecturally enhanced exteriors and professional landscaping, according to Lissner.

Besides Lissner, CBRE’s Joe Nitti, Scott Belfer and Lou Belfer, assisted on the marketing side by Susan Strauss, are handling the marketing/leasing effort.

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