(Read more on the industrial market and the debt and equity markets.)

LINDEN, NJ-Morris Realty LP, an affiliate of the Rutherford-based Morris Cos., is building a 405,000-sf warehouse on a spec basis. The building is rising on a site at Routes 1 and 9 at Pleasant Street, adjacent to the MXD redevelopment of a major portion this city’s municipal airport.

And Morris has picked up $22 million in construction financing to complete the project. The funding was provided by Northwestern Mutual and arranged by senior director James Gunning and VP Donna Falzarano of CB Richard Ellis Debt & Equity Finance, Saddle Brook. “Northwestern recognized the demand for new, high-quality distribution space near the ports,” Gunning says. Further details of the financing were not released.

Fully approved, Morris’ building is being developed as part of the state’s “portfields initiative,” which encourages development and redevelopment of sites near New Jersey’s ports through a variety of incentives. Site plans call for 36-foot clear heights in the facility’s more than 370,000 sf of warehouse space. Some 18,000 sf of first-floor office space is also part of the plan, as is a 15,000-sf office mezzanine. Morris will divide the building, according to company officials, and the space is currently listed with an asking price of $6.75 per sf triple net.

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