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CenterPoint at Linden, a planned 321,765-square-foot industrial facility at 1501 West Edgar Road in Linden, is slated for completion in August. — Courtesy: CenterPoint Properties
By Joshua Burd
CenterPoint Properties has preleased more than 320,000 square feet of new industrial space under construction in Linden, securing a deal with a locally based third-party logistics firm.
The commitment by CODA Logistics and Distribution comes around five months before the estimated delivery of 1501 West Edgar Road, the site of what will be CenterPoint at Linden. When complete, the company will be minutes from two New Jersey Turnpike interchanges and 11 miles from Port Newark-Elizabeth, using the facility for short-term storage of bonded goods coming from the New York and New Jersey ports.
CenterPoint broke ground on the 321,765-square-foot facility last November after acquiring the more than 20-acre parcel, the former site of a Walmart-anchored shopping center, about two years earlier.
“We’re delighted we’ll be able to hand the keys to Marie Costa and her fantastic team at CODA,” said Ronel Borner, CenterPoint’s senior vice president of development. “This project is prototypical of the developments CenterPoint is known for building nationwide: Top-flight facilities featuring an array of modern amenities, including exceptional car and trailer parking, with efficient access to ports and critical transportation infrastructure, in the most competitive infill submarkets markets in America.”
Cushman & Wakefield’s Stephen Elman represented CenterPoint along with Jules Nissim and Stan Danzig, while Michael Kimmel of KBC Advisors represented CODA.
“Lease negotiations were seamless with the entire CenterPoint group,” said Marie Costa, president of CODA Logistics and Distribution. “We look forward to our company’s growth in this newly built facility.”
According to the Oak Brook, Illinois-based developer, the project drew interest from a variety of user types, thanks in large part to the above-market parking count, high-throughput site and building design. The property will feature a warehouse with a 40-foot clear ceiling height and 62 loading doors, with parking for 89 trailers and 240 cars.
“As evidenced by the amount of preleasing activity we saw at 1501 West Edgar Road, market fundamentals for Class A well-located distribution buildings in northern and central New Jersey continue to be very strong,” Elman said.
CenterPoint breaks ground on 320,000 sq. ft. Linden industrial project
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