Shortly after the land purchase, Summit rolled out general plans for its project, but the build-out plan is now solidified. The plan calls for a 105,000-sf building slated for delivery in 2009 and a 705,000-sf structure on tap for 2010.
Summit has hired Jones Lang LaSalle to find tenants. Handling the assignment are executive vice presidents Charles Fern and Joel Lubin and senior vice presidents Robert Sager and Cubie H. Dawson Jr., all in New Jersey offices. The quoted rates currently are listed as negotiable.
"The site offers industrial and retail users a great location near public transportation, the ports and airport, and New York City," Fern tells GlobeSt.com. "That will give tenants access to more than 100 million customers. Warehouse users, importers and exporters and other industrial users could significantly cut costs."
With companies looking to cut costs all along supply chains, Lubin says "transportation, fuel, drayage and building costs are all included in their cost models, and to that end, this site has been approved for 90% impervious coverage and for building heights of up to 45 feet." The site also is within Newark's urban enterprise zone.
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