4B — February 2024 — New Jersey — M id A tlantic Real Estate Journal
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N ew J ersey
Cushman & Wakefield's Elman, Nissim, and Danzig, alongside KBC Advisors' Kimmel ink deal CenterPoint Properties holds ribbon cutting on distribution facility near Port Newark, New Jersey
INDEN, NJ — Leaders from Chicago-based in- dustrial real estate de- veloper CenterPoint Prop- erties recently joined officials from third-party logistics company CODA Logistics & Distribution and the City of Linden, at the grand opening of CODA’s new headquarters. CenterPoint broke ground on the 321,765 s/f state-of- the-art distribution facility at 1501 W. Edgar Rd. just 13 months ago. According to Cen- terPoint, the 20.48-acre prop- erty was the former home of a functionally obsolete retail L
Michael Kimmel at KBC Advisors represented CODA. Ronel Borner, Center- Point’s senior VP of devel- opment in the firm’s East Region, said the completed development – consisting of the industrial facility and retail stores – is “a great out- come” for everyone involved in bringing the project to life. “Many of you may know this is the former site of a functionally obsolete retail center. Today, it is the home to a best-in-class, class A in- dustrial distribution center that will deliver significant tax and job benefits to the City of Linden for decades to come,” said Borner. “It’s a great outcome for Linden and CODA, and we’re obvi- ously excited to have been a part of this exciting project,” Borner added. CenterPoint at Linden of- fers CODA several significant upgrades over its previous 220,000 s/f facility in Port Reading, NJ. Borner credited his team and partners for the high- throughput facility and site design that gives CODA op- erational advantages, includ- ing a high-door count – 64, including two drive-up ramps – a 40-foot clear height, and parking for 89 trailers and 250 cars. CenterPoint also obtained LEED-Silver certification from the US Green Building Council after incorporating several sustainable features into the facility’s design, in- cluding electric vehicle charg- ing capability and rooftop solar panels. Linden Mayor Derek Arm- stead displayed a chart show- ing how the new development will nearly double his city’s projected tax revenues over the next 30 years – from $11.8 to $22 million – compared to the previous retail center on the site. “We’re very serious about making sure our municipal taxes are spent wisely. We’re very concerned about the de- velopments that come into town. We put a lot of work, energy, and time into making sure these types of projects come into existence,” Armstead said. “We’re talking about re- sponsible development, things that are going to bring rev- enues into the town and keep our homeowners from being taxed, he added. MAREJ
1501 W. Edgar Rd.
Shown from left: Ronel Borner, senior VP of development, Center- Point; Derek Armstead, Mayor, Linden, NJ; Marie Costa, president, CODA Logistics & Distribution.
power center that had fallen into disrepair after its anchor tenant elected to vacate. CODA preleased the new facility in March 2023.
Cushman and Wake - field’s team of Stephen Elman, Jules Nissim, and Stan Danzig represented Cen- terPoint’s leasing efforts, while
New Year, New CREW! 2024 CREW NJ Board Members
It’s February - a Great Time to Show Some Love to our New Board . . . And Join Us to Advance Your CRE Career! CREW NJ (Commercial Real Estate Women) is the New Jersey chapter of the CREW Network. With 80 chapters across the US, Canada, the UK and France, our 14,000 members represent over 70 disciplines in the CRE industry. Why join? • Gain access to our global industry network to exchange resources, business leads and expertise • Take advantage of premier industry and leadership programs, scholarships, internships and mentoring • Establish professional and personal connections and relationships that can last a lifetime! We are dedicated to transforming the commercial real estate industry globally through the advancement of women in the field. Come be a part of it TODAY!
Erica Godun, President Ware Malcomb Courtney Rosenkrantz, President-Elect Cushman & Wakefield Krista Korinis, Advisor Global Installation Resources, LLC Jessica Trifiro, Chapter Champion GEI Consultants Kristine Hulbut, Director of Community Outreach Denholtz Properties Therese O’Brian, Director of Marketing/Communications RIPCO Dana Reynolds, Director of Membership The Holder Group Melissa Clarke, Co-Director of Programs Saul Ewing LLP Melanie Rogacki, Co-Director of Programs Partner Engineering and Science, Inc. Kristen Wolansky, Director of Special Projects/Golf Wells Fargo Private Bank Sandra Guarin, Director of Sponsorships The Vertex Companies
Susan Korath, Recording Secretary Maridian Properties / eXp Commercial Laura Riso, Treasurer Withum
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