Industrial developer to redevelop infill Newark site
Liberty Property Trust has fully leased 19 Crows Mill Road in Keasbey, New Jersey, a predominantly vacant property it acquired in late September of last year.
“Liberty’s acquisition and immediate long-term leasing of 19 Crows Mill Road deepens our presence along the New Jersey Turnpike continuing our strategy to acquire and hold high-demand industrial properties in the region,” said Peter Corcoran, vice president of leasing and development for Liberty’s New Jersey office.
The Gilbert Company has signed a long-term 302,500 square foot lease for the 25 acre property which features extensive trailer storage and 180 dock doors, and is strategically located minutes from Exit 10 of the New Jersey Turnpike with access to Port Newark/Elizabeth and New York City.
Cushman and Wakefield’s Charles Fern, Gary Casaletto, Jason Barton, Thomas D. Tucci, and Stephen Shoemaker represented Liberty in the lease negotiations.
Commenting further on 19 Crows Mill Road, Peter Corcoran noted: “With this acquisition Liberty has nearly doubled its footprint in Central and Northern New Jersey in the last 13 months with the acquisition of four properties totaling approximately one million square feet. Liberty entered the market in 2013 with the acquisition of three properties at Exit 8A and has since expanded its holdings up through the Meadowlands for a total of ten properties representing 2.2 million square feet.”
Development to expand Class A presence in last mile Northern New Jersey Market
In August of last year, Liberty purchased a 7 acre site less than five miles from Port Newark for redevelopment. The site, located at 357 Wilson Avenue in Newark, includes an existing building that Liberty plans to raze and replace with a 142,972 square foot industrial building.
The new property will feature 40-foot clear heights, 27 loading doors, 88 car and 16 trailer parking spaces. Charles Fern, Thomas D. Tucci, and Stephen Shoemaker of Cushman & Wakefield will be responsible for leasing the building on Liberty’s behalf.
About Liberty Property Trust
Liberty Property Trust (NYSE: LPT) owns and manages more than 7.1 million square feet of industrial space in New Jersey, with holdings along the NJ Turnpike corridor from Southern New Jersey’s Pureland Industrial Park and Commodore 295 Business Center (Exit2); up through northern Burlington County (Exit 6); Exit 8A in Cranbury; Exit 10 in Edison and Exit 16W in the Meadowlands
The company is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior industrial and office properties. Liberty's 103.5 million square foot portfolio provides productive work environments to 1,200 tenants
