X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HILLSBOROUGH, NJ-The former Veterans Administration supply depot on Route 206 here is about to get a new life as a railway shipping hub. The federal government has leased the 165-acre property on a long-term basis to the International Realty Group, and the latter is in the process of launching a rehab of the site’s buildings.

No cost has been announced by the New Jersey-based IRG for the project, which encompasses a makeover of three sprawling warehouse buildings totaling nearly a million sf. The site has been vacant for several years. IRG officials say they are targeting light manufacturing and distribution users for the site.

IRG has also signed a deal with the Edison, NJ-based New Jersey & Northern Railway under which the short-haul carrier will rebuild the site’s four miles of trackage and subsequently provide rail service to and from the complex. Officials of NJNR say it will cost upwards of $2 million to rebuild the on-site rail system, portions of which date back to the early 1900s. NJNR is an affiliate of Raritan Center Railway LLC and operates rail service in and out of the 14 million-sf Raritan Center Industrial Park in Edison, NJ.

Work will proceed without planning board approval from this Somerset County township because, as federal property, the site is beyond local jurisdiction. As federal property, it’s also exempt from property taxes, although local officials and IRG are currently negotiating property tax payments relating to the fact that it’s being converted to private use.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.