7-12-19

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ARLSTADT , NJ — Russo Develop- ment and Forsgate C Spanning themunicipalities of Lyndhurst, Rutherford, &North Arlington Russo&Forsgate complete $42.5million purchase of Kingsland site fromNJSEA

ISSUE HIGHLIGHTS Volume 31, Issue 11 July 12 - 25, 2019

history,” said Edward Russo, CEO of Russo Development, whose company, along with Forsgate Industrial Part- ners, has been active in the Meadowlands since the 1960s and are both in their second generation of family manage- ment. With the country’s premier road network serving 20.3 million people within 60 miles and a skilled labor force of more than 1.3 million just eight miles from New York City, the Meadowlands region is unmatched as a logistics center. The region’s retail marketplace remains strong while the online economy has spurred new requirements for delivery solutions, all of which have driven growth in the market, resulting in an occu- pancy rate of more than 95% for logistics e-commerce facili- ties such as those planned for Kingsland Meadowlands.  “We saw this property as a unique opportunity to capital- ize on the positive momentum of the regional market and the limited supply of sites to accommodate large scale development. The strategic location and access to a plen- tiful and capable workforce provides a terrific opportunity for the modern industrial oc- cupiers whose demands we are building to meet.” said Johan Henrikson , vice president of development with Northpoint. The move represents North- point’s first investment in Delaware. The firm has been incredibly active throughout the United States with 13.3 million s/f of industrial space currently under construction and 11.7 million s/f leased in the past year. Industrial cli- ents of the development group include Amazon, The Home Depot, Staples, Chewy.com and Patagonia.  taxes and that local and state governments are supportive in the attraction of new busi- ness.”

Industrial P a r t n e r s have com- pl eted the $42.5 million purchase of the 718-acre Ki ng s l and Tract, a for- mer landfill

SPOTLIGHTS

TAX ISSUES

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Edward Russo

718-acre Kingsland Tract

spanning the municipalities of Lyndhurst, Rutherford, and North Arlington, and will build Kingsland Mead- owlands, a new logistics e- commerce development of up to six buildings totaling more than 3 million s/f of industrial space. The property, which was owned by the New Jersey Sports and Exposition Au- thority NJSEA, has been the subject of redevelopment for decades. NEW CASTLE, DE — Col- liers International’s Logis- tics and Transportation Solu- tions team of Mark Chubb, Michael Zerbe, Summer Coulter has successfully sold a strategic east coast land site, a 190 acre parcel of industrially zoned land, on behalf of Akzo Nobel to Kansas City based Northpoint Development . The site is located at 1386 Schoolhouse Rd. in NewCastle

To close the transaction, which Russo and Forsgate won in a competitive bid- ding process in June 2015, the partners engaged in a complex entitlement and en- gineering design process that resulted in a master plan that will transform this blighted property into a modern indus- trial complex unlike any other development of its kind in the Meadowlands region. The Partners expect to deliver the

first building to the market in late 2021. “The Meadowlands submar- ket is one of the strongest in- dustrial/warehouse markets district in the United States, and the opportunity to build this project in such an out- standing location is a great accomplishment for not only our companies, but for the re- gion that we have helped de- velop over the course of more than 100 years of combined

CENTERPOINT SIGNS LEASE WITH LUXOR

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Colliers Logistics teamsells one of the few large land sites in New Castle County, DE with 190-acre sale

UPCOMING CONFERENCES July 25, 2019 3 rd Annual PA Capital Markets & Opportunity Zones Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

1386 Schoolhouse Rd.

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and is predominantly farm- land with a small previously developed portion historically operated on by Stauffer Chem- ical. It will be redeveloped by Northpoint as “Delaware City Logistics Park” (DCLP), fea- turing four industrial build- ings totaling over 2 million s/f of modern distribution and fulfillment space. “This site fielded great inter- est as one uniquely capable of accommodating modern/ bulk industrial development and ability to service the needs of fulfilment, distribution

and e-commerce users with a nearly equidistant central location to New York and Washington D.C. – and it is just 40 miles from Philadel- phia. This means it can service millions of customers in the Northeast, Mid-Atlantic and beyond 43% of the US and 53% of the Canadian population reside within a day’s truck drive.” said Mark Chubb, senior managing director of Colliers International. “It’s also well-known Delaware is a business-friendly state with low operating costs and

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