Industrial Realty Group (IRG) has signed a ground lease for 400 acres adjacent to Atlantic City International Airport where the Los Angeles-based developer is planning to build a new mixed-use, multimodal logistics hub.
The pact with the South Jersey Transportation Authority (SJTA) is the culmination of a July 2022 authorization SJTA gave to Executive Director Stephen Dougherty to enter negotiations and execute an agreement to develop the airport's northwest quadrant, which sits on Egg Harbor.
SJTA has established a long-term goal of creating new warehouse and logistics space near the airport. The agency said IRG also is working with the Atlantic County Economic Alliance on a development deal that could draw tens of millions of dollars in new private investment to the area, according to a report in RealEstateNJ.
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