“This property is going to be developed into 'next generation' industrial warehouse space, meaning it will have 36 to 50-foot ceiling heights and a 50-foot column grid to accommodate larger amounts of goods coming off ships at the Port,” says Robert Schenkel, senior director of development, LEG. “Everything currently on the site will be demolished to make room for construction of a state-of-the-art facility for tenants importing goods through the Port of New York and New Jersey.”

Previously, the 90-acre waterfront parcel was part of the naval base that was later repurposed as a US Army base that closed in 1999. The site has been dormant for more than a decade.

“We look forward to working with Lincoln Equities Group as the firm transforms this area of Bayonne, creating jobs and fueling the city, county and state economies,” says Bayonne Mayor Jimmy Davis. “Redeveloping this area has long been part of our plan to restore jobs to Bayonne.”

In negotiating the agreement with Lincoln Equities Group, Highstar Capital worked with Ports America Group, the current manager of the site. The closing of the sale is expected to take place in May 2018.