Russo Development & River Development Equities Partner For New 211K SF Warehouse in Kearny, NJ

Russo Development and River Development Equities have partnered to develop a new Class A logistics warehouse in Kearny, New Jersey. The 211,287-square-foot facility, located at 1100 Harrison Ave. (Rt. 508-Newark-Jersey City Turnpike), is expected to be delivered this quarter.

Location, location, location: The warehouse is situated less than six miles from Newark Airport, nine miles from Port Newark and just under 11 miles from Midtown Manhattan. It is also situated between and along major interstate highways including the New Jersey Turnpike and Interstates 80, 280 and 78. In addition, there are over 4.8 million people in the workforce within a 15-mile radius of the development, with 50 million consumers within a day’s drive.

The development is located within Kearny’s Urban Enterprise Zone that provides multiple benefits for the local and regional economy. Kearny’s UEZ incentives include a 50% reduction in sales tax for retail customers, corporate employee tax credits and priority financial assistance in accordance with state programs.

The project in numbers: The single-story distribution center at 1100 Harrison Ave. will deliver 251 parking spots, 41 loading docks, 64 trailer parking stalls and 38-foot clear height upon completion, as well as office space built to the tenant’s specifications.

This transaction’s player: NAI James E. Hanson’s industrial leasing team, led by Tom Vetter and Jeff DeMagistris, is representing the team in its efforts to secure a long-term, creditworthy tenant.

This new logistics warehouse is a valuable asset to the northern New Jersey warehouse and industrial market. The development is also expected to generate significant economic benefits for the local and regional community.