Photo credit: wolterke – stock.adobe.com
June 15, 2022
CenterPoint Properties and Costco cut the ribbon on a brand new 183,000 square foot logistics facility minutes from Port Newark at 49 Rutherford, a nearly 13-acre site CenterPoint purchased in Q4 2019.
Ronel Borner, CenterPoint’s senior vice president of development, said his team worked for three years to bring this speculative project to life at a site he said was “environmentally challenged and ready for redevelopment.” .
He said the facility’s proximity to the port, immediate freeway access and state-of-the-art features – 40ft headroom, 50 dock positions and parking for 74 trailers and 166 cars – will serve well. its new tenant. The city of Newark is also expected to be a major beneficiary of development, Borner said, citing the creation of new permanent jobs and a significant increase in property taxes.
“The combination of the new facility and the strategic distribution location is what I believe prompted a Fortune 27 company at Costco to commit here for such a long term. The new facility will generate approximately seven times the City of Newark’s annual revenue compared to 2019,” Borner said.
Allison Ladd, Deputy Mayor of Newark and Director of Economic Development and Housing, praised the team’s effort to “turn this devastated place into a place of jobs.”
“Bringing Costco in and having CenterPoint as a true partner is absolutely how we need to keep moving forward in our city,” Ladd said.
“The City of Newark has been great to work with and has been very helpful to us through the process,” said Michael Murphy, executive vice president and chief development officer of CenterPoint. “It was a team effort, like all these projects. The CenterPoint team has worked diligently over the past three years to put this in place,” concluded Murphy.
Ken Lundberg, Russell Verducci, Scott Perkins, Christopher Todd, Eric Demmers, Patrick Lennon and NAI Hanson’s Lorenzo Lambiase collaborated to pre-let the development.
With the Rutherford project on the books, Borner said CenterPoint’s development team looks forward to soon beginning work on a new 321,875 square foot Class A distribution facility in Linden, New Jersey that will provide access immediate to Port Elizabeth and I-95.
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