1000 Jefferson Avenue, Elizabeth, NJ ± 28, ,000 SF Available For Lease

Transcription

1 1000 Jefferson Avenue, Elizabeth, NJ ± 28, ,000 SF Available For Lease at Newark Airport Route 1-9 NJ Turnpike the Ports Exclusive Broker: Jordan Metz, Senior Associate

2 Jefferson A venue Elizabeth, NJ Executive Summary Property Description Market Overview Floor Plan & Maps 4-7 Ports Market 8-10 Corporate Neighbors 11

3 E xecutive S ummary 1000 Jefferson Avenue in Elizabeth, New Jersey is a ±200,000 square foot industrial facility located next to Newark Liberty Airport and Port Newark/Elizabeth. Its strategic location has access to the most diverse transporation network in the state including air, shipping, freight rail, bus and passenger train hubs, and such roadways as Route 1-9, New Jersey Turnpike at Exit 13, and is near to the Goethals Bridge with access to Staten Island, Brooklyn and the boroughs of New York City. The property is divisible to the following size units: ±28,000 square feet ±52,000 square feet ±72,000 square feet ±152,000 square feet ±200,000 square feet Other configurations can be made available to tailor the space to suit your needs August/September occupancy 1000 Jefferson Avenue sits on 9.70 acres and represents one of the few large quality blocks of available industrial space in the Ports market. It can accommodate a variety of industrial and distribution uses and is available immediately. 1

4 Property Description Total building size: ±200,000 SF ±28,000 SF Unit ±52,000 SF Unit ±72,000 SF Unit ±152,000 SF Unit ±200,000 SF (Whole building) Acre Site 10,000 SF Office Clear Height Ceilings 25 Loading Docks 100 Free Surfaces Spaces Wet Sprinklers 600 Amps Electric Power

5 Market Overview Exit 15E 2 Miles to Nj Turnpike Exit Miles to Route Miles to I-78 4 Miles to Goethals Bridge Exit 13A 1 Mile to Newark Liberty Airport 11 Miles to the Holland Tunnel 18 Miles to Lincoln Tunnel 22 Miles to George Washington Bridge 3

6 Floor Plan 4

7 Location Maps 5

8 6

9 7

10 Port Facts & Figures 3rd largest seaport in the United States. Elizabeth, NJ is the largest port on the east coast of the U.S. Port of NY/NJ is the largest container complex in the World. Port ranked 11th in the world in the amount of container traffic. Port is responsible for 13 % of the container traffic in the U.S. It receives 3.75 million containers a year on 5000 ships. Port receives 80% of the imports for use in this nation. Port is the nation s leader in imported foreign vehicles. Port is the gateway to the most affluent market in the World, and with immediate access to the most extensive interstate highway network in the region. 16 million tons of cargo move through the Port each year. The transport network feeds about 40 % of the country. Port s top trading partner is China, followed by Italy and Germany. The top export is wood. The top import is beverages, followed by vehicles. About 70 million ton of general cargo passed through the port in 2003, this number increases by almost 10% a year. A 40 containership can hold up to 6000 containers of cargo. Port is owned by the Port Authority of New York & New Jersey and was established in 1921 to protect, promote and improve the Port between the two states. New York and New Jersey are the 3rd leading states for total exports to foreign countries. They export more per capita than any other state in the United States. 8

11 Market by Metz by Jordan Metz, Industrial Real Estate Specialist Supply/Demand: The Ports market has a very finite amount of land and buildings, which historically, even through the recession, had relatively low vacancy rates. Influx of New York-based Businesses into these markets has further constricted supply and increased demand. In what has traditionally been a low vacancy, densely populated market desirable for myriad businesses to situate their warehouses, you now have an entire market with similar conditions, specifically Brooklyn and the surrounding boroughs, which have been priced out of those New York markets, relocating and absorbing space in Ports markets in large numbers. Combining two densely packed markets into one, which was already at low vacancy rates. The Ports location gives companies the ability to service same-day deliveries into the New York markets, the population centers, and provides delivery access to 40% of the US population within a 24-hour drive. Amazon Effect/Rise of E-commerce: Retailers, or e-tailers, need to compete with the new norm of instant gratification, same day or next day deliveries. Approximately 10.5% of retail sales in the United States are currently e-commerce driven. That number will exponentially grow in the coming years, thus increasing the need for companies to source well located warehouses in and around the Ports market, to be able to compete with the same and next day deliveries into the population centers, and New York City. As brick and mortar retailers change their logistics networks, the cost of operating their warehouse is often times nominal in comparison with trucking and fuel costs, so location is paramount. As e-commerce sales increase, and as companies need to factor in things like reverse logistics networks for online returns, the need for warehouses with immediate access to New York City becomes that much more pronounced. Location has now become a major cost of doing business and the idea of saving money by sacrificing on location can become such a competitive disadvantage for business. (continued) 9

12 Market by Metz (continued) Aside from brick-and-mortar retailers, the past decade has seen an exponential rise in e-commerce based companies which have no physical brick-and-mortar stores, but simply move product to consumer online. These companies have the ability to spend more on their warehouse and logistics network because they do not have the overhead of funding a retail presence and because their ability to service their customers in the fastest, most efficient way possible is paramount to them. Port Expansion: Because of an increase in volume at the Ports by approximately 5.5% from 2017 over 2016, there has been an increase in the amount of new jobs created at the Ports. This coupled with the raising of the Bayonne Bridge, which allows larger mega size cargo ships to enter the Ports, is having a direct positive affect on the surrounding markets and the industrial sectors. Follow the Money : In the early and mid 2000 s, multi-family property was the top asset choice as an investment vehicle for most funds. Due to all of the above factors and the most basic supply/demand laws of economics, the investment world has taken notice and has now diverted their attention and resources towards acquiring as much industrial land and buildings in core markets as possible. Limited supply and with very few options to develop land, compounded with vast sums of cash investment capital desperately waiting to be deployed at industrial sites in these aforementioned core markets, has forced investors to accept lower and lower rates of return. Rates have been driven down as low as 4% on brand new institutional grade, stabilized product. As more investment money controls the industry, new norms are established in the underwriting and deal making process including: - 30-day due diligence with immediate closings thereafter All cash acquisitions, with no rates Aggressive bidding These factors have all become common practice as the competition for so few properties is so fierce by so many investors. 10

13 Corporate Neighbors 11

14 1000 Jefferson Avenue, Elizabeth, NJ ± 28, ,000 SF Available For Lease at Newark Airport Route 1-9 NJ Turnpike the Ports Exclusive Broker: Jordan Metz, Senior Associate