CBRE New Jersey Named Exclusive Leasing Agent for Legacy Commerce Center
By Mel Fabrikant Thursday, November 15, 2012, 08:09 PM EST
CBRE, New Jersey’s largest commercial real estate brokerage firm, has been retained by Duke Realty, one of the largest commercial real estate firms in the United States, to be the exclusive leasing agent for Legacy Commerce Center, a one million-square-foot Class A development site situated on 60 acres in Linden next to the Port of Elizabeth.
The New Jersey-based team consists of: Mindy Lissner and William Waxman, executive vice presidents; Cheryl Hardt, first vice president; Steven Beyda, senior associate; Susan Strauss, client services specialist; and Jamie Fried, client services specialist.
"This is an exceptional assignment because it is one of the largest development sites in such close proximity to the ports,” Mindy Lissner said. “It’s the only site that can accommodate a full one-million square-foot development in that geographic radius around the ports, giving it a competitive, strategic advantage over other properties in the market."
Legacy Commerce Center, which can accommodate a variety of build-to-suit opportunities, is one of the few new, first-generation logistics facilities available in the region with flexible warehouse and distribution solutions.
Located at 1016 West Edgar Road, the site is situated in one of the world’s largest and most affluent consumer markets, with a population of 21 million. Just minutes from the New Jersey Turnpike, the property is only 20 miles from New York and just five miles from the Ports of Newark and Elizabeth. Aside from being across the street from the Linden Airport, Legacy Commerce Center is only three miles from Newark Liberty International Airport and includes active freight rail capabilities.
“According to our recent CBRE Industrial Market report, tenants are continuously looking to decrease their costs without sacrificing location,” said William Waxman. “Legacy Commerce Center gives tenants the ability to get to and from the ports toll-free along Route 1 and has access to an abundant labor force.
Activity is continuing to increase at sites around the port terminals of New York and New Jersey.
The property is very specialized because of the unique features of an active freight rail line and the capacity of the load system.”
“Tenants from the beverage distribution, cold storage, construction material, and lumber industries have expressed interest in the site,” added Mindy Lissner.
“Because the market is healthier, there is now zero Class A space remaining near the ports, and we're seeing more speculative development,” Steven Beyda said. “Given Duke Realty’s strong commitment to the site and this project, we are committed to making this project a success.”
Duke Realty specializes in the ownership, construction, development, leasing, and management of industrial and office, including medical office real estate.