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ROCKAWAY, NJ-Jos. L. Muscarelle Inc. has started construction on 53 Green Pond Rd., a 54,550-sf class A industrial building here. The asset, which is being built on spec at a four-way interchange of I-80 in Morris County, is slated to be ready for occupancy early next year, according to company officials.

The developer is targeting warehouse users for the facility, which will be called Central Morris Commons, according to company president John M. Muscarelle. The building, for which no cost figures have been released, is being designed to handle tenants from 5,300 sf to full-building occupancy. It will also feature 25-foot clear ceilings.

“Our prospective demand generators are those companies that prefer to operate their businesses in Morris County, closer to where their employees live, instead of the traditional markets east of the site,” explains Muscarelle. “We view this submarket as an excellent location for businesses that need direct access to I-80 without all of the congestion of the areas that are further to the east.”

The latter is a reference, of course, to such heavily developed industrial submarkets as the Meadowlands, through which I-80 also courses. “For us, this project creates an excellent opportunity to create and cull value on a piece of ground that our firm has had in the pipeline,” Muscarelle says.

The Muscarelle organization, which dates back some 78 years, has developed, owned and managed in excess of 15 million sf of commercial space, including office, industrial, hotel and multifamily properties. Among its major developments are BMW’s North American headquarters in Woodcliff Lake, NJ; Hertz Corp.’s headquarters in Park Ridge, NJ; the Marriott Hotel, also in Park Ridge; and the Westbelt 23 business complex in Wayne, NJ. Out-of-state projects include the Liberty Center and Westin Hotel in Pittsburgh.

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