MT. LAUREL, NJ—First Industrial Realty Trust is building a 577,200 square-foot cross-dock distribution building on a 33-acre parcel it acquired at 400 Cedar Lane in Florence Township, NJ.
“The Florence / Burlington area at Exit 6 of the New Jersey Turnpike has been one of the hottest industrial sub-markets in the U.S,” says Scott Mertz, SIOR, president of NAI Mertz, the sole broker in the transaction. “With logistics driving demand in the industrial sector, Florence is well-positioned to thrive in today’s rapid distribution environment.”
The industrial building, to be named First Florence Logistics Center, will feature 36-foot clear ceilings and more than 100 loading docks. The complex is scheduled to be completed in the fourth quarter of 2016.
“We are excited to expand our investment and presence in New Jersey with the development of the state-of-the art First Florence Logistics Center,” says John Hanlon, senior investment/development officer for First Industrial. “This facility is designed to provide all the necessary building specifications and site improvements to meet the needs of today’s discerning warehouse/distribution and e-commerce tenants. This project will be an excellent addition to our portfolio and an economic driver for Florence’s continuing emergence as a major Northeast distribution address.”
Because of the project’s redevelopment of a vacant and obsolete industrial property and its potential for significant job creation, Florence Township has awarded a 20-year PILOT (Payment In Lieu Of Taxes) tax incentive for First Florence Logistics Center. The PILOT program provides significant savings on real estate taxes.
Scott Mertz has been engaged by First Industrial to assist in the leasing of the facility, which is available for a single user or divisible for multiple tenants.
Offering easy access to both the New Jersey and Pennsylvania Turnpikes, as well as I-295, Florence, NJ, has been emerging as a supply chain hub. First Florence Logistics Center is located directly across the street from Amazon’s newly announced 600,000 square-foot fulfillment center. Other high profile companies in the immediate area include Burlington Coat Factory, Subaru of North America, Destination Maternity, and BJ’s Wholesale Club.