Real Estate Journal — Industrial / Distribution Centers — May 27 - June 9, 2016 — 9C
www.marejournal.com
M id A tlantic
NAI G lobal First Industrial Realty Trust commences 577,200 s/f class A distribution bldg. Scott Mertz of NAI Mertz completes the sale of 33-acre parcel for industrial development
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in New Jersey with the de- velopment of the state-of-the art First Florence Logistics Center,” said John Hanlon , senior investment / develop- ment officer for First Indus- trial, “This facility is designed to provide all the necessary building specifications and site improvements to meet the needs of today’s discern- ing warehouse/distribution and e-commerce tenants. This project will be an excellent ad- dition to our portfolio and an economic driver for Florence’s continuing emergence as a major Northeast distribution address.” n
LORENCE, NJ — NAI Mertz , a full-service commercial real estate
f i rm s e r v - ing southern New Jersey and greater Philadelphia, announ c ed the sale of a 33-acre par- cel located at 400 Cedar
Scott Mertz
Lane in Florence Township, NJ, to First Industrial Re- alty Trust, Inc. , a national owner, operator and developer of industrial real estate. Scott Mertz, SIOR , president of NAI Mertz was the sole broker in the transaction. First Industrial has com- menced construction at the site of a 577,200 s/f cross-dock distribution building that will feature 36’ clear ceilings and more than 100 loading docks. The complex, to be named First Florence Logistics Center, is scheduled to be completed in the 4th quarter of 2016. Because of the project’s rede- velopment of a vacant and ob- solete industrial property and its potential for significant job creation, Florence Township has awarded a 20 year PILOT (Payment In Lieu Of Taxes) tax incentive for First Florence Logistics Center. The PILOT program provides significant savings on real estate taxes. Scott Mertz has been en- gaged by First Industrial to assist in the leasing of the facility, which is available for a single user or divisible for multiple tenants. Offering easy access to both the New Jersey and Pennsylva- nia Turnpikes, as well as I-295, Florence, NJ has been emerg- ing as a supply chain hub. First Florence Logistics Center is located directly across the street fromAmazon’s newly an- nounced 600,000 s/f fulfillment center. Other high profile com- panies in the immediate area include Burlington Coat Fac- tory, Subaru of North America, Destination Maternity, and BJ’s Wholesale Club. “The Florence / Burlington area at Exit 6 of the New Jersey Turnpike has been one of the hottest industrial sub-markets in the U.S,” said Mertz. “With logistics driving demand in the industrial sec- tor, Florence is well-positioned to thrive in today’s rapid dis- tribution environment.” “We are excited to expand our investment and presence
400 Cedar Lane
Class A warehouse space with professional grade offices along with climate controlled clean space that is perfect for lab, food, high tech, or precision handling applications. Warehouse has 30’ clear ceiling heights for maximum racking capabilities.
336,000 SF Distribution warehouse available for sale as multi-redevelopment/user opportunity or for lease. Site is set up to accommodate a large number of users based on the ingress and egress set ups. Located just off the Pennsylvania Turnpike.
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