IMAGE: @JeffBezos 🚀 🤠
ADDRESS: Newark Liberty International Airport ✈️
MARKET: Newark, NJ
ASSET TYPE: Industrial ~ SF: 250,000 ~ TERM: 20-year
TENANT: @Amazon 📦
LANDLORD: Port Authority Of New York & New Jersey
NOTE: Amazon entered into an agreement with Port Authority of New York and New Jersey to redevelop two buildings into a new state-of-the-art 250,000 SF air cargo facility that will employ 1,000+ people. The Port Authority will get $150 million upfront in building rent, and an additional $157 million in land rent over two decades. Amazon will also invest about $125 million in the facility, including a building rehabilitation expected to start this year and finish by early 2023.
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