News Summary
The Joyce Kilmer Logistics Center in New Brunswick, NJ, has secured $33 million in construction financing. This development will feature two Class A industrial buildings and cover 195,421 square feet. Strategically located near major highways, the project seeks to meet the demand for modern industrial spaces, addressing the scarcity of facilities under 100,000 square feet. With completion planned for late 2026, developers Faropoint and Deugen Development aim to enhance the local industrial landscape, creating opportunities for businesses and jobs in the area.
Construction Funded for Joyce Kilmer Logistics Center in New Brunswick, NJ
The Joyce Kilmer Logistics Center is set for development in New Brunswick, NJ, as $33 million in construction financing has been secured. Cushman & Wakefield plays a crucial role in facilitating this funding, marking a significant advancement in the region’s industrial landscape. The project, encompassing a total area of 195,421 square feet, will consist of two state-of-the-art Class A industrial buildings, aiming for completion by late 2026.
Located at 701 Joyce Kilmer Ave, this site is strategically positioned within the Exit 9 industrial corridor, a recognized hub of commerce in the Northeast. Its location is advantageous, providing easy access to major transportation routes, including the New Jersey Turnpike and Route 1. These factors all contribute to the site’s potential for attracting businesses, especially as demand for industrial facilities continues to rise.
Bank Hapoalim is responsible for providing the loan necessary for this ambitious construction project. The Joyce Kilmer Logistics Center aims to fill a gap in the market for Class A industrial properties measuring under 100,000 square feet. The developers, Faropoint and Deugen Development, are focused on offering flexible suite options, with spaces ranging from 40,000 to 50,000 square feet, catering to the diverse needs of modern businesses.
The surge in demand for industrial facilities can be attributed to a growing reliance on e-commerce and the ongoing optimization of supply chains. This need for advanced logistics spaces is driving investor confidence within the industrial real estate market. Even amidst a backdrop of overall negative net absorption over the past nine quarters, Cushman & Wakefield’s reports highlight that demand for Class A industrial properties remains robust. This interest showcases a continued trend, making the Joyce Kilmer project particularly timely.
Faropoint, in partnership with Deugen Development, is leveraging extensive local expertise along with a strategic, data-driven acquisition strategy to ensure the project’s success. This collaboration includes not only the developers but also key stakeholders such as BHI Bank and the City of New Brunswick, all working together to enhance the region’s capabilities in logistics and warehousing.
The industrial property market continues to thrive, attracting attention due to various economic factors, including the pivotal role that logistics play in today’s market. The sleek design and efficient layouts of the Joyce Kilmer Logistics Center aim to align with modern business requirements, making it an appealing option for companies looking to establish or expand their operations in New Jersey.
As construction progresses, the development will not only generate new job opportunities but also bolster the local economy. The Joyce Kilmer Logistics Center is expected to become a vital component of New Brunswick’s landscape, enhancing the area’s infrastructure and positioning it as a key player in the industrial sector. This development reinforces the importance of industrial spaces in contributing to economic growth, particularly in a time when efficient logistics are essential for any business’s success.
In conclusion, with its prime location, innovative design, and the backing of experienced developers, the Joyce Kilmer Logistics Center is set to make a significant impact on New Brunswick’s industrial scene. Its timely development speaks to a larger trend towards modernization and efficiency in industrial spaces across the region.
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Additional Resources
- NJBIZ: Faropoint, Deugen Exit 9 Industrial Financing
- ConstructConnect: $1.1 Billion NextGen Mill Project in Saint John, N.B.
- CoStar: Faropoint, Deugen Develop Logistics Center
- Wikipedia: Logistics
- Google Search: Joyce Kilmer Logistics Center
Author: Construction CA News
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