New Jersey

The logistics center has site plan approval for up to four buildings between 150,000 square feet and 477,000 square feet, or a single 1.1-million-square-foot site.

The retail REIT, which stated that the recent announcement of the closure of all dressbarn locations will not impact the company's core mall portfolio, reported that three of its properties topped $600-per-square-foot in sales in April.

The authority states that new name more accurately reflects the park's life sciences focus and the spectrum of companies located there.

Both renovated buildings have remained vacant in excess of five years, and will be delivered completed but unleased, qualifying for opportunity zone “first use” designation.

“Building communities requires some sort of incentives program—but it must be one that is predictable and sustainable, transparent and accountable, and smartly devised and strategically deployed,” said Gov. Murphy in his address.

Discovery Labs is targeting major markets across the US and also has several international locations in its plans as well. Target domestic markets include: Boston; New York City; Northern New Jersey; Washington, DC; Raleigh-Durham, NC; Chicago, Houston, Austin, San Diego, Los Angeles, San Francisco and Seattle.

Since the $61-million purchase, the new ownership has engaged in a more than $10-million capital improvement program aimed at creating a modern and flexible industrial property.

The two firms state that the property, which is expected to be completed and ready for occupancy in the first quarter of 2021, will “deliver the critical infrastructure and support network needed to advance biomedical research.”