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Deals & Dealmakers

Implosions in NJ pave way for 1.6 million s/f of industrial space

Lincoln Equities Group imploded a 175-foot smokestack and a 150-foot steel water tower to make way for their 1.6 million s/f warehouse project.

The 153-acre waterfront property was bought in June by LEG, who have been working on demolishing the existing industrial spaces and concrete foundation since. Before LEG’s purchase, the property was unused for more than a decade. The property, the Lincoln Logisitics Center, is expected to take two years for construction and create 2,700 jobs when completed.

“The demand for industrial warehousing has never been greater, thanks to the rise of e-commerce and same-day delivery services,” said LEG’s president Joel Bergstein. “The new Lincoln Logistics Center will help meet that need. The underutilized site, which once held structurally unsound and functionally obsolete buildings, will become a bustling, portside commerce center for the 21st century.”

Jules Nissim, vice chair at Cushman & Wakefield and advisor to LEG, said the site’s proximity to Newark Airport, New York City and Bayonne’s terminal for Global Container Terminal, would allow  the site to accommodate many uses like e-commerce, last-mile delivery, food and retail importing and more.

“The logistics center is one of the largest development projects in the region,” Nissim said. “By 2020, the site will accommodate tenants from 200,000 to over 1 million square feet.” 

 

 

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