50-Acre Jersey City Brownfield Site Snapped Up for Industrial Development
- Mar 19, 2008
AMB Property Corp. has purchased nearly 50 acres of land in Jersey City, N.J., from the Roman Catholic Archdiocese of Newark. The developer will erect the 878,000-square-foot AMB Pulaski Distribution Center on the former landfill site. Located on Route 1 within a few miles of the New Jersey Turnpike, the newly acquired parcel has gone unused for about three decades. The location of the property will handily accommodate tenants’ distribution activities, as it provides easy access to the bustling Port of New York and New Jersey, the Jersey City, Newark and Elizabeth seaports, as well as Newark Liberty International. According to a January 2008 report by RREEF Alternative Investments, the New York/New Jersey market is one of the top industrial markets in the country, characterized by rising rents, sustained demand, strong domestic and global trade flows and land constraints. Leasing of AMB Pulsaski, which is being designed to meet LEED Silver Certification standards, is being handled by real estate services firm Jones Lang LaSalle. AMB has already secured the environmental and rezoning approvals for the project, and expects to wrap up construction during the fourth quarter of 2009. AMB’s portfolio in the Northern New Jersey/New York market encompassed 12.7 million square feet of properties completed and in-progress properties as of the close of 2007. All told, the company owns or has investments in properties and development projects totaling an estimated 147.7 million square feet in 45 markets within 14 countries. Company stock opened today at $52.04.