The Exit 8A submarket is within 35 miles of Port Newark, and nearly equidistant between New York City (52 miles) and Philadelphia (52 miles). This strategic location allows distributors to reach more than 130 million consumers within a one-day drive. Vacancy in the submarket fell by 300 bps over the year to 2.3 percent at the end of the third quarter of 2016, the lowest level recorded in the submarket. Effective annual rent growth was 20.4 percent in 2014 and 23.6 percent in 2015, well above the long-term average of 2.8 percent.

“The design of the park meshes very well with both the existing tenant universe and available inventory in the market,” says David Greek of F. Greek Development. “As a result, we are experiencing significant interest from tenant of all sizes, especially from those seeking space less than 200,000 square feet. We believe that these users are underserved in the current environment.”

Jones Lang LaSalle is the leasing team for the project.

SOUTH BRUNSWICK, NJ—Clarion Partners and its joint venture partner, F. Greek Development, have launched the second phase of Park 130, a class A, three-building, master-planned industrial complex located off Exit 8A of the New Jersey Turnpike in South Brunswick, NJ. Clarion Partners is acting on behalf of a commingled fund managed by the firm.

Scheduled for completion in May 2017, Phase Two of the project will be a 187,600 square-foot building featuring cross-dock loading, 36-foot clear height ceilings and dedicated trailer parking. The first phase of Park 130, a 496,320 square-foot building with similar design features, was recently completed. Approvals also are in place for Phase Three, which will include a 296,000 square-foot, rear-load facility.

Clarion Partners has established a significant presence in the New Jersey industrial market, building and leasing six buildings totaling approximately 2 million square feet in the last two years.

“We continue to see strong demand for, and limited availability of modern, Class A industrial space in this market,” says Joe Zingaro, a Clarion Partners' vice president. “Park 130 offers unique flexibility to a variety of users, with options ranging from 75,000 square feet to 500,000 square feet, all within a master-planned park setting. We are very pleased to continue expanding our New Jersey portfolio.”

The Exit 8A submarket is within 35 miles of Port Newark, and nearly equidistant between New York City (52 miles) and Philadelphia (52 miles). This strategic location allows distributors to reach more than 130 million consumers within a one-day drive. Vacancy in the submarket fell by 300 bps over the year to 2.3 percent at the end of the third quarter of 2016, the lowest level recorded in the submarket. Effective annual rent growth was 20.4 percent in 2014 and 23.6 percent in 2015, well above the long-term average of 2.8 percent.

“The design of the park meshes very well with both the existing tenant universe and available inventory in the market,” says David Greek of F. Greek Development. “As a result, we are experiencing significant interest from tenant of all sizes, especially from those seeking space less than 200,000 square feet. We believe that these users are underserved in the current environment.”

Jones Lang LaSalle is the leasing team for the project.