The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at more than $2.5 billion, has entered into a joint venture agreement with an institutional capital partner for the development of PortSouth Bryla. Located at 50 Bryla Street in Carteret, N.J., PortSouth Bryla will be a new state-of-the-art 460,000-square-foot industrial/distribution building within the heart of Middlesex County’s industrial hub.
The all-new 460,000-square-foot building will span across more than 33 acres and feature modern construction with a flexible design in one of the most desirable industrial centers in the northeast. PortSouth Bryla is the future of industrial space, boasting up to 96 loading docks, direct access to rail, and a superb logistical location just off Exit 12 of the New Jersey Turnpike at Routes 1 & 9 with close proximity to the Port of Newark and Elizabeth, Newark International Airport and the region’s superior road and rail transportation network. Additionally, the site is located in an Urban Enterprise Zone providing specialized incentives to qualified businesses along with potential Grow New Jersey benefits. Construction has commenced at the site and is expected to be completed in the fourth quarter of 2014. The building is currently available for pre-lease.
“As we continue to revitalize the Port area it was important for us to align ourselves with a partner that shares our vision for this project and also mirrors our business acumen. We are excited to embark on this project with our new joint venture institutional partner as we work to create what will soon become one of the most sought after industrial spaces on the east coast,” said James E. Hanson II, President and CEO of The Hampshire Companies. “We look forward to growing our relationship and the opportunity to collaborate on future projects together.”
Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE’s Institutional Properties Group, NJ combined with Michael Hines, Brian Fiumara and Brad Ruppel of CBRE’s National Partners in identifying a joint venture partner for PortSouth Bryla.
“This exceptional development was appealing because it offers a core industrial property in one of the top industrial locations in the US at an attractive risk adjusted return as well as a chance to partner with one of the leading industrial developers in New Jersey,” added Welsh.
David Knee (201-393-4155), Chris Hile (201-393-4146), and Jenna Imperatore (201-393-4157) of Jones Lang LaSalle are the exclusive brokerage team for the property.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
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