(Read more on the industrial market.)
NEWARK-Summit Associates Inc. is planning to break ground in 2008 for a new 810,000-sf rail-served industrial building on a 42-acre undeveloped parcel at 429 Delancy St. here. The project, called Nexus Port East, is located within an urban enterprise zone, adjacent to Port Newark, Elizabeth Marine Terminal and Newark Liberty International Airport.
"The facility will fill a longstanding void in Newark's industrial sector," says John Visceglia Jr., EVP of the Edison-based Summit Associates "This is an important project for the state of New Jersey and for Newark, where we've held real estate interests periodically since the mid-1950s."
Summit's plans come in the wake of the company's recent acquisition of the property from Coca-Cola Enterprises for an undisclosed price. The acquisition was helped along with financing provided by an investment client of the New York City-based BlackRock, and arranged by Studley, representing Coca-Cola. Studley has also been retained to market the new project for Summit.
"This is a significant project for Newark," says Studley senior managing director Dan Foley, who teamed with Studley Northern New Jersey branch manager Tom Carragher on the deal. "It's expected to have a positive impact on the city and state's economy by creating quality employment opportunities."
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