X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

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.