Durham Industrial Center. The building,
fully leased to Sea Jet Trucking, was sold
by a local investor group, which was not
identified. A spokesman for the San Francisco-based AMB declined to disclose the
purchase price.
“This underscores our strategy to own
and operate distribution facilities in the
best markets tied to global trade,” says
Gene Reilly, AMB’s president-Americas.
“Located near Exit 10 of the Turnpike, one
of the most accessible submarkets in
Northern New Jersey, the property complements our existing portfolio in a region
where our properties are 99% leased.”
Located on 40 acres at 35 Brunswick
Ave., AMB New Durham has proximity to
the Port of Newark/Elizabeth and Newark
Liberty International Airport, and the NJ
Turnpike. —RENJ
deal of the MONTH
810,000-SF INDUSTRIAL PLANNED
Summit Associates Inc. will break ground in 2008 for a new 810,000-sf rail-served industrial
building on a 42-acre undeveloped parcel at 429 Delancy St. in Newark. The project, Nexus
Port East, is located within an urban enterprise zone, adjacent to Port Newark, Elizabeth
Marine Terminal and Newark Liberty International Airport.
“The facility will fill a longstanding void in Newark’s industrial sector,” says John Vis-ceglia Jr., EVP of the Edison-based Summit. “This is an important project for New Jersey
and for Newark, where we’ve held real estate interests periodically since the mid-1950s.”
Summit’s plans come in the wake of the company’s acquisition of the property from Coca-Cola
Enterprises for an undisclosed price. The acquisition was helped along with financing provided
by an investment client of New York-based BlackRock, and arranged by Studley, representing
Coca-Cola. Studley has also been retained to market the new project for Summit.
“This is a significant project,” says Studley senior managing director Dan Foley, who
teamed with Studley Northern New Jersey branch manager Tom Carragher on the deal.
“It’s expected to have a positive impact on the city and state’s economy by creating quality employment opportunities.”
To learn more about our Business Services and
how you can count on us to help your business
grow, visit our nearest office or call:
1-800-522-4167
Convenient Offices Throughout New Jersey
Main Office: 19-01 Route 208, Fair Lawn, NJ 07410
www.columbiabankonline.com
Count on Columbia.
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Member FDIC
