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TOTOWA, NJ-Russo Development has reached the steel-up phase of its 50 Madison Rd. warehouse/flex building here. The Hackensack-based company had started initial construction in late 2007 after picking up a $10.8-million construction loan from Principal Global Investors. Russo bought the 6.5-acre former Hoffman-La Roche site earlier in 2007 and quickly rolled out plans for the spec project.

And Russo has hired CB Richard Ellis to find tenants for the 126,160-sf asset. Specifically, the firm’s Thomas Mallaney, first vice president and senior associate Carrie Brown are handling the assignment. The building is currently listed as divisible to 10,227 sf, with the asking rent “negotiable.”

“This is one of the rare, state-of-the-art warehouse buildings along the I-80 corridor that will give tenants high-ceiling functionality,” Brown tells Globest.com, noting that the flex units within it have 32-foot ceilings. “With the steel now up, we’re all eager to see this project progress in the coming months.”

Mallaney says that “we hope to see tenants in the building in the first quarter of 2009.” Besides its proximity to I-80, 50 Madison Rd. is also near routes 23 and 46. And for Russo Development, which has focused much of the activity involving its seven million-sf industrial portfolio on the Meadowlands submarket, 50 Madison Rd. represents the company’s entry into a new, if closely proximate, submarket. Specifically, it’s the company’s initial project in the Passaic County submarket, just to the north and west of the Meadowlands region.

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