Link Logistics and Hampshire Real Estate Companies select JLL to lease 215,221-square-foot development space
JLL has been selected by Link Logistics, Blackstone Real Estate’s U.S.- based industrial real estate operating portfolio company, and The Hampshire Real Estate Companies to lease a two-building industrial development at 5 Dedrick Place in West Caldwell, NJ. The project offers two proposed industrial facilities totaling 215,221 square feet.
5 Dedrick Place is a unique redevelopment project in which a former suburban office building is being transformed into two state-of-the-art industrial facilities, a trend that is becoming increasingly popular in the Northern New Jersey industrial submarket. The property was built in 1986 and is the former home to the corporate offices of Ricoh USA, Inc. printers and copiers.
Building A offers a total of 134,453 square feet, including 10,319 square feet of office space, two loading drive-in doors, 11 loading docks and 154 parking spaces. Building B, with 80,768 square feet, will consist of 5,730 square feet of office space, two drive-in loading doors, 8 loading docks and 109 parking spaces. Both properties will offer Class-A, top-of-the-line industrial amenities and features. The project is set to be completed in 2021.
5 Dedrick Place is located in close proximity to key transport routes, including I-80 and I-280, and is less than 25 miles from Port Newark, Port Elizabeth, Bayonne, Jersey City, New York City, and Newark Airport. The property stands within a key labor market, with 44,403 transportation and warehouse workers in a 10-mile radius and over 438,217 workers in a 30-mile radius. West Caldwell is consistently ranked as one of the best places to live in New Jersey, and the project is minutes from local shops, dining and entertainment options.
The JLL professionals overseeing the leasing assignment include Chad Hillyer, managing director; Jenna Imperatore, senior vice president; and Tyler Baker, vice president.
“This unique project combines the redevelopment of traditional office space with state-of-the-art new construction, offering a leading-edge facility with superior functionality at a time when demand for such space is increasing in the area,” said Hillyer. “The institutional-grade space is the first of its kind in this market and offers an extraordinary opportunity for industrial occupiers.”
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,260 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets debt and equity services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from five full-service offices in Parsippany, Iselin (Metropark), Princeton, Morristown and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey. NJBiz ranked JLL’s New Jersey operations as the No. 1 commercial real estate brokerage in the Garden State in 2020.
