Seagis Property Group, Conshohocken, announced in Yahoo Finance that it is 75 percent complete in its construction of a 178,200 sq. ft. warehouse in Newark, New Jersey.
Once completed, the speculative project will then be positioned for a single tenant, engaged with no prelease. The expected finish date is May of this year.
The fully secured warehouse facility features:
- 37 dock doors
- 128 auto parking spaces
- 42 trailer parking spaces
The building, located adjacent Route 21, provides immediate access to the entire New York City Metro area and is minutes away from Newark International Airport.
“The City of Newark has been a great partner in our efforts to repurpose a blighted manufacturing facility into a new, state of the art distribution building,” said Omer Mir Ahmed, a Seagis partner in its Meadowlands office.
A Minneapolis commercial builder and industry commentator has explained the boom in speculative construction of warehouse space since the onset of the pandemic.
Factors causing the bullishness in that portion of the commercial real estate market include:
- Rises in e-commerce
- Industry preferences for onshore distribution centers to mitigate supply-chain delays
- Consumer expectations for shorter merchandise delivery windows
More on Seagis Property Group and its new Newark warehouse is at Yahoo Finance.
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