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HACKENSACK, NJ-Millions of sf of new industrial product will be hitting the New Jersey market soon. Two of the biggest industrial holders, ProLogis and Panattoni Development, each have multiple projects in the works for New Jersey. Representatives from both companies spoke about these projects at a dinner for the Industrial and Office Real Estate Brokers Organization held here this week.
George Hasenecz, vice president at ProLogis, said that three large projects were under way in the industrial corridors. The Elizabeth Seaport will have one million sf across three buildings. The Port Redding Business Park in Wood-Ridge will have 3.3 million sf across nine properties. Both are brownfield redevelopments, with Elizabeth's remediation costing $20 million and Port Redding's costing $10 million.
Hasenecz wouldn't speculate the exact rate these buildings would go for once completed but said "it's probably going to be pretty significant."
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