Officials from CenterPoint Properties, City, and Costco Cut Ribbon at Newark, New Jersey Development
Posted By Staff Writers On June 13, 2022 @ 12:48 pm
OAK BROOK, IL – CenterPoint Properties handed the keys to a brand new 183,000-square-foot logistics facility minutes from Port Newark to Costco last Tuesday, June 7. Officials from the City of Newark were among those attending the ribbon-cutting ceremony for 49 Rutherford, a nearly 13-acre site CenterPoint purchased in Q4 2019.
Ronel Borner, CenterPoint’s Senior Vice President of Development, said his team worked for three years to bring the speculative project to life on a site he said was “environmentally challenged and ripe for redevelopment.”
He said the facility’s port proximity, immediate interstate access and state-of-the-art features – a 40-foot clear height, 50 dock positions and parking for 74 trailers and 166 cars – will serve its new tenant well. The City of Newark also stands to be a major beneficiary of the development, too, Borner said, citing the creation of new, permanent jobs and a significant increase in the taxes on the property.
“The combination of the new facility and the strategic distribution location is what I believe attracted a Fortune 27 company in Costco to make such a long-term commitment here. The new facility will generate approximately seven times the annual revenue to the city of Newark compared to 2019,” Borner said.
Allison Ladd, Newark’s Deputy Mayor and Director of Economic and Housing Development, lauded the team effort to “transform this blighted location into this place for jobs.”
“Bringing Costco and having CenterPoint as a true partner is absolutely the way that we need to continue to move forward in our city,” Ladd said.
“The City of Newark was great to work with and very helpful in getting us through the process,” said Michael Murphy, CenterPoint’s Executive Vice President & Chief Development Officer. “This was a team effort, as all these projects are. The CenterPoint team has worked diligently the last three years putting this together,” Murphy finished.
NAI Hanson’s Ken Lundberg, Russell Verducci, Scott Perkins, Christopher Todd, Eric Demmers, Patrick Lennon, and Lorenzo Lambiase collaborated to pre-lease the development.
With the Rutherford project in the books, Borner said CenterPoint’s Development Team is looking forward to breaking ground soon on a new 321,875-square-foot Class A distribution facility in Linden, New Jersey, that will provide immediate access to Port Elizabeth and I-95.
Pictured above, from left to right: Ronel Borner, Senior Vice President of Development, CenterPoint; Michael Murphy, Chief Development Officer, CenterPoint; Allison Ladd, Deputy Mayor/Director of Housing and Economic Development, City of Newark; Rahaman Muhammad, Deputy Mayor, City of Newark; Councilman Larry Crump, City of Newark.
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