(To read more on the industrial market, click here.)

CARTERET, NJ-A team of industrial brokers from CB Richard Ellis has picked up exclusive leasing assignment for iPort 12 International Trade & Logistics Center, a 1.3-million-sf warehouse/distribution complex here. As reported by GlobeSt.com, Panattoni Development Co. broke ground for the speculative industrial project in October. Steel is current rising for the project, which is located just east of the New Jersey Turnpike and takes the numerical portion of its name from Exit 12 of the superhighway.

“This is an unparalleled redevelopment project situated in the heart of a nationally recognized market,” says CBRE senior vice president Mindy Lissner. Lissner is handling the assignment with CBRE first vice presidents Lou Belfer and Scott Belfer, sales associate Stacey Weinberg and project manager Susan Strauss.

“It’s located 10 minutes from Newark International Airport,” Lissner says. “And users of the Port of New York/New Jersey will benefit from the urban enterprise zone and foreign-trade zone designations and distribution and urban enterprise zoning.

“At a time when high rents are being demanded for large-scale warehousing within 25 miles of Port Newark, this project brought equal, if not better facilities to a location directly at the port,” says Edmund Klimek, a partner in the Princeton-based architectural firm KSS Associates. His firm designed the project for Panattoni.

As reported by GlobeSt.com, iPort 12 marks the Sacramento-based firm’s initial foray into the Metro New York/New Jersey market. The company, more than a year ago, opened an office in Edison to oversee this and other projects the company’s doing in the region.

iPort 12, which has New York-based P/A Associates as a financial partner, dates to 2004 when Panattoni took title to the 120-acre former landfill site. In the 18 months up to October’s groundbreaking, the company carried out a remediation of the brownfield, an effort that cost a reported $30 million.

When completed, iPort 12 will consist of two, one-story buildings, the larger of the two totaling more than 1.6 million sf. The smaller building will be just more than 200,000 sf, and the assets will be known as 8001 and 8003 Industrial Rd. respectively.

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