A Brookfield Asset Management-backed fund has acquired a 19-acre industrial development site from Stalwart Ridgefield, LLC.
Located in Northern New Jersey’s Route 46 corridor, one of the most sought-after last mile industrial areas in the region, the development plan is to construct a new, state-of-the art industrial warehouse facility (rendering top) to help meet the unrelenting tenant demand that the New Jersey and New York Metropolitan areas are currently experiencing.
The CBRE Investment Properties team of Elli Klapper, Jeremy Wernick and Charles Berger, along with CBRE’s Kevin Dudley and Nicholas Klacik, facilitated the transaction and the site will be developed by Brookfield Properties for Brookfield Asset Management.
“Demand for quality industrial space in New Jersey has reached record levels, while the supply has dwindled to below 2% as of Q3 2021,” said Klapper. “The Ridgefield site presents an incredible opportunity for Brookfield Properties, one of the premier real estate developers in the world, to create a LEED Certified distribution facility designed specifically to meet this insatiable demand,” continued Mr. Dudley.
“The Ridgefield Logistics Center development is an ideal match for this well-located industrial land site in one of the nation’s hottest industrial markets,” added Wernick.
“Working together with CBRE on this deal showcased the best our firms have to offer,” stated Tyler Mordas of Brookfield Properties. “We now have ten separate land parcels in the New Jersey and New York region and anticipate over three million square feet of logistics deliveries. CBRE’s valued guidance in this transaction puts us on track to deliver that to the New Jersey market in the next 24 months.”
Located off Route 46, just ten minutes from New York City and four minutes from the George Washington Bridge, the site will be developed into a high quality, 337,592 sq. ft. facility with 40’ clear heights and ample car and trailer parking. Additionally, Ridgefield Logistics Center will also benefit from being fewer than ten miles from the Port of Newark-Elizabeth, the second largest port in the country which has experienced 18% year-over-year growth in volume. Construction is scheduled to commence in early 2022.