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Cushman & Wakefield Named Agent for Meadowlands Industrial Development

| May 25, 2016 | 0 Comments

Bell Drive

Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073

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Media Contact: Evelyn Weiss Francisco: evelyn@caryl.com / (201) 796-7788 / www.twitter.com/carylcomm

RIDGEFIELD, N.J., May 25, 2016 – Commercial real estate services firm Cushman & Wakefield has been named leasing agent for a new, two-building 278,000-square-foot New Jersey Meadowlands industrial development. The project, slated for delivery in December 2016, is located on Bell Drive in Ridgefield, N.J.

Stephen Elman, Jules Nissim and Michael Terranova, based in Cushman & Wakefield’s East Rutherford, N.J. office, are heading the assignment for Sitex Group and an institutional client of Connecticut-based Cornerstone Real Estate Advisers LLC. Work has already begun on the redevelopment site.

“This ground-up project will introduce a brand-new, state-of-the-art, institutionally owned distribution property in the heart of the New Jersey Meadowlands – a market with limited Class A industrial product,” Elman noted. “Its proximity to Manhattan provides an ideal opportunity for users with e-commerce last-mile delivery, regional distribution or headquarters requirements.”

The close-in property provides easy access to the New Jersey Turnpike, just four miles from the George Washington Bridge and six miles from the Lincoln Tunnel. The buildings are 195,000 and 83,000 square feet, and are designed to accommodate full-building users or to divide easily for multi-tenant occupancy. They feature 36’ clear, heavy floor loads, a high loading door ratio and ample parking capacity.

The Bell Avenue property is well-positioned for rapid lease-up, according to Elman. Cushman & Wakefield research reported that the market recorded 9.2 million square feet of new deals during the first quarter of 2016 – the highest volume in more than eight years. This resulted in over 6.3 million square feet of occupancy gains to register the second-highest absorption in the nation for the first quarter. The current industrial vacancy rate of 5.6 percent is the state’s lowest since 2000.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

 

About Cornerstone

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.

 

About Sitex Group

Sitex Group, LLC (SG), is a fully integrated private equity firm that specializes in real estate investment and property management. SG’s core objective is to acquire and develop industrial real estate located in the New York/Northern New Jersey, Southern California, Baltimore/DC and Chicago metropolitan markets.

 

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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