Russo & Forsgate complete $42.5 million purchase of Kingsland site from NJSEA
CARLSTADT, NJ — Russo Development and Forsgate Industrial Partners have completed the $42.5 million purchase of the 718-acre Kingsland Tract, a former landfill spanning the municipalities of Lyndhurst, Rutherford, and North Arlington, and will build Kingsland Meadowlands, a new logistics e-commerce development of up to six buildings totaling more than 3 million s/f of industrial space. The property, which was owned by the New Jersey Sports and Exposition Authority NJSEA, has been the subject of redevelopment for decades. To close the transaction, which Russo and Forsgate won in a competitive bidding process in June 2015, the partners engaged in a complex entitlement and engineering design process that resulted in a master plan that will transform this blighted property into a modern industrial complex unlike any other development of its kind in the Meadowlands region. The Partners expect to deliver the first building to the market in late 2021.