SOMERSET, NJ — Colliers announced it has arranged a new 47 acre land sale to Prologis, one of the global leaders in logistics real estate. Prologis will develop a new industrial space expected at 436,900 s/f. A Colliers team led by vice chair Noah Balanoff, vice president Mark Hay and associate vice president Jacquelyn Severino arranged the transaction on behalf of Prologis. The team has also been tapped as the exclusive leasing agents for the upcoming property.
The new sustainable development, owned and operated by Prologis, is expected to be complete in the second half of 2024. The modern facility will offer best-in class features and amenities, including a 40-foot clear height, 190-foot truck court depth and ample parking spaces.
“187 Davidson Avenue is an extremely exciting development opportunity along a primary industrial corridor in central New Jersey,” said Balanoff. “The new development comes at a time where there is a strong demand for industrial space in New Jersey and with its best-in-class features, we know it will be desirable for any tenant and we’re delighted to be representing Prologis on one of their newest projects in New Jersey.”
Prologis develops modern, high-quality properties that set the standard for innovative building design and sustainability. The new development is strategically located along the NJ Turnpike Corridor. Demand for well-located, modern spaces in this region remains strong, as evidenced by recent leases signed by DMI Inc, CODA Logistics and Distribution and Vanguard Logistics, according to Colliers New Jersey Q1 industrial market report.
Despite barriers to new supply, developers continue to remain active throughout the New Jersey industrial market with Central New Jersey having 40 developments totaling 9.9 million s/f under construction in just the first quarter.