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A project by 2020 Acquisitions calls for the development of a nine-building, 4.2 million-square-foot industrial park along Route 9 in Old Bridge, as depicted in this rendering. — Courtesy: Cushman & Wakefield
By Joshua Burd
A packaging and fulfillment firm has leased more than 192,000 square feet to become the first tenant at a new nine-building, 4.2 million-square-foot industrial park in Old Bridge.
According to Cushman & Wakefield, which represented ownership in the deal, Paragon Packaging will occupy all of Building 2 at the Central 9 Logistics Park on Jake Brown Road. Its developer, 2020 Acquisitions, is slated to deliver the facility in the second quarter.
The 192,111-square-foot building will serve as Paragon’s new headquarters.
“We are thrilled to have arranged the first lease at the cutting-edge Central 9 Logistics Park,” Cushman’s Mindy Lissner said. “This premier property is centrally located with incredible access to ports, airports and major highways. The park is situated on Route 9 with multiple modes of ingress and egress from Exit 11, 10 and 9 of the New Jersey Turnpike. Tenants will benefit from the property’s prime location, which boasts an unrivaled reach to over 100 million consumers and an exceptional labor pool.”
Lissner, Bill Waxman, Christine Eberle, David Gheriani, Jeff Volpi and Morgan Nitti completed the assignment for Cushman. Newmark’s Kyle Eaton represented the tenant.
The deal has kicked off leasing for the massive industrial development, which provides quick access to the Garden State Parkway, Route 18 and other major arteries. C&W noted that, upon completion, Building 2 will include 7,500 square feet of office and production space, 97 parking spaces, 40-foot clear ceiling heights, 28 dock doors, two drive-in doors with ramps and five charging spaces for electric vehicles.
Plans for the larger park call for a three-phase delivery schedule, according to a news release. The first phase will also include 818,395 square feet at Building 3, while buildings 4, 5 and 6 will bring another 1.04 million square feet in the second phase.
“We are excited to welcome Paragon Packaging to this extraordinary property and look forward to continuing to work with 2020 Acquisitions to lease the remaining availabilities at the state-of-the-art park,” Gheriani said. “Building 2 was originally slated for development during the second phase, but due to Paragon’s goal to utilize the property as their new headquarters location, 2020 Acquisitions accelerated the timeline to complete the building during the first phase, which serves as further evidence of their commitment to their tenants.”
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