11-8-19

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L A new e-commerce development totaling more than 3M s/f on 718-acres Russo Dev. & Forsgate Industrial Ptrs. break ground onKingslandMeadowlands

ISSUE HIGHLIGHTS Volume 31, Issue 21 November 8 - 21, 2019

KING OF PRUSSIA, PA — Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team com- prising Mike Margolis, Dave Dolan and Dave Garonzik , along with local market expert, Jim Dugan , have successfully completed the sale of 200 N Warner Rd. in King of Prussia. The team represented the joint venture of Taconic Capital YNDHURST, NJ — Russo Development and Forsgate Indus- trial Partners broke ground today on Kingsland Meadow- lands, a new e-commerce de- velopment totaling more than three million s/f on a 718-acre site spanning the municipali- ties of Lyndhurst, Rutherford, and North Arlington. Plans include up to six build- ings, with the ability to deliver a single building totaling more than 1,200,000 s/f in an indus- trial/warehouse submarket that is nearly fully occupied and rarely offers floorplates of more than 250,000 s/f. Kingsland Meadowlands features the dimensional ef- ficiencies of a modern distri- bution facility while being able to offer unparalleled size and trailer parking positions within the competitive market set. The initial phase will offer

ter, offering abundant food and retail amenities directly across the street from the property. Additionally, 200 N. Warner Rd. is one-quarter mile from the King of Prussia Mall, the United States largest mall in terms of retail space. The property’s prominent King of Prussia location benefits from direct access to major limited access roadways including the Schuylkill Expressway (I-76), the Pennsylvania Tpke. (I-276), Rte. 202 and Rte. 422. 200 N. Warner Rd. is situ- ated within one of the highest performing, most sought-after micro-markets in the entire suburban Philadelphia area, the Swedesford/Warner Rd. class A Office Corridor. Driven by an intense concentration of wealth and talent, proximity to an abundant amenity base, and excellent vehicular access to the entire PhiladelphiaMSA, this corridor boasts a direct va- cancy factor of 8.6% and rental rates that soar above average suburban Philadelphia rental rates.  said Alex Klatskin , general partner for Forsgate Indus- trial Partners. “We are proud to be part of the economic and environmental revitalization of such an important site in the Meadowlands.” Russo and Forsgate won a competitive bidding process in June of 2015 and engaged in a complex entitlement and engineering design process to ready the site for its intended use. The Partners expect to deliver the first building to the market in late 2021. There have been multiple failed attempts over the years to redevelop the Kingsland Tract with options that were not practical or consistent with the attributes of the site. This new logistics center will benefit from the strong and skilled workforce in the region bringing many new jobs to the surrounding communities. 

SPOTLIGHTS

LENDER’S DIRECTORY

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CONTRIBUTING COLUMNIST

Kingsland Meadowlands

1,280,000 s/f in two buildings with more than 1,400 trailer positions and 800 car parking spaces available. “Kingsland Meadowlands will bring a truly unique prod- uct offering to the market at a time when demand has been aggressively outpac- ing supply.” said Ed Russo , CEO for Russo Development. “Many governmental agencies were involved in the approval

process and we want to espe- cially thank Lyndhurst, North Arlington, Rutherford and the NJSEA for their collaborative efforts in helping to unlock the potential for this property.” “Forsgate Industrial Part- ners has been developing fa- cilities in the region for over 50 years, and we look forward to continuing our tradition of delivering the highest quality product for local businesses,”

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UPCOMING CONFERENCES

December 2019 6 th Annual NJ Capital Markets Conference

Newmark Knight Frank represents seller in 165,000± s/f office transaction totaling $37.85M

December 2019 4 th Annual Philadelphia Apartment Multifamily Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

Directory DelMarVa.......................................................... 3-4A Lender’s Directory............................................5-24A Business Card Directory & Billboard Directory.....27A Organization Events. ...........................................28A New Jersey................................................. Section B Central New Jersey...........................................5-10B Pennsylvania.............................................. Section C www.marej.com

200 N Warner Rd.

as well as the addition of two common area tenant confer- ence rooms and a lobby grab n’ go. This capital investment led to momentous leasing suc- cess, and rental rates increas- ing approximately 35% at the property. The ±165,000 s/f, four-story, class A office building benefits from a truly unique amenity- rich environment. Tenants and visitors of 200 N. Warner Rd. enjoy unmatched proximity to the King of Prussia Town Cen-

and Cohen Equities , both of New York, NY, in the $37.85 million sale to Pembroke Capital of Bryn Mawr, PA. When Taconic Capital and Cohen Equities acquired the property in May of 2016, the occupancy rate was at 65%. The seller completed a $4.2 million comprehensive modernization program that included enlarg- ing and remodeling the lobby, creating all new common areas and restrooms, full replace- ment and addition of windows,

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