2B — August 19 - September 15, 2022 — New Jersey — M id A tlantic Real Estate Journal
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N ew J ersey
Costco receives keys for new 183,000 s/f logistics facility CenterPoint celebrates ribbon-cutting in Newark
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EWARK, NJ — Cen- terPoint Proper- ties handed the keys
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to a brand new 183,000 s/f logistics facility minutes from Port Newark to Costco. Offi- cials from the City of Newark were among those attending the ribbon-cutting ceremony for 49 Rutherford, a nearly 13-acre site CenterPoint pur- chased in Q4 2019. Ronel Borner , Center- Point’s senior vice president of development, said his team worked for three years to bring the speculative project to life on a site he said was “environmentally challenged and ripe for redevelopment.” He said the facility’s port proximity, immediate inter- state access and state-of-the- art features – a 40-foot clear height, 50 dock positions and parking for 74 trailers and 166 cars – will serve its new ten- ant well. The City of Newark also stands to be a major ben- eficiary of the development, too, Borner said, citing the creation of new, permanent jobs and a significant increase in the taxes on the property. “The combination of the new facility and the strategic distribution location is what I believe attracted a Fortune
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Officials from CenterPoint, City and Costco Cut Ribbon at Newark, NJ Facility.
helpful in getting us through the process,” said Michael Murphy , CenterPoint’s ex- ecutive vice president & chief development officer. MAREJ
27 company in Costco to make such a long-term commitment here. The new facility will generate approximately seven times the annual revenue to the city of Newark compared to 2019,” Borner said. Allison Ladd, Newark’s deputy mayor and director of economic and housing development, lauded the team effort to “transform this blighted location into this place for jobs.” “Bringing Costco and hav- ing CenterPoint as a true partner is absolutely the way that we need to continue to move forward in our city,” Ladd said. “The City of Newark was great to work with and very
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