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NAI Mertz Completes Sale of Industrial Development Parcel in Florence, NJ

05/17/2016

First Industrial Realty Trust Starts Class A Distribution Building

First Florence Logistics CenterNAI Mertz, a leading full-service commercial real estate firm serving southern New Jersey and greater Philadelphia, is pleased to announce the sale of a 33 acre parcel located at 400 Cedar Lane in Florence Township, New Jersey, to First Industrial Realty Trust, Inc., a leading national owner, operator and developer of industrial real estate. Scott Mertz, SIOR, President of NAI Mertz was the sole broker in the transaction.

First Industrial has commenced construction at the site of a 577,200 SF cross dock distribution building that will feature 36’ clear ceilings and more than 100 loading docks. The complex, to be named First Florence Logistics Center, is scheduled to be completed in the 4th quarter of 2016.

Because of the project’s redevelopment of a vacant and obsolete industrial property and its potential for significant job creation, Florence Township has awarded a 20 year PILOT (Payment In Lieu Of Taxes) tax incentive for First Florence Logistics Center. The PILOT program provides significant savings on real estate taxes.

Scott Mertz has been engaged by First Industrial to assist in the leasing of the facility, which is available for a single user or divisible for multiple tenants.

Offering easy access to both the New Jersey and Pennsylvania Turnpikes, as well as I-295, Florence, New Jersey has been emerging as a supply chain hub. First Florence Logistics Center is located directly across the street from Amazon’s newly announced 600,000 SF fulfillment center. Other high profile companies in the immediate area include Burlington Coat Factory, Subaru of North America, Destination Maternity, and BJ’s Wholesale Club.

"The Florence / Burlington area at Exit 6 of the New Jersey Turnpike has been one of the hottest industrial sub-markets in the U.S,” said Mertz.  “With logistics driving demand in the industrial sector, Florence is well-positioned to thrive in today’s rapid distribution environment."

“We are excited to expand our investment and presence in New Jersey with the development of the state-of-the art First Florence Logistics Center,” said John Hanlon, Sr. Investment / Development Officer for First Industrial, “This facility is designed to provide all the necessary building specifications and site improvements to meet the needs of today’s discerning warehouse/distribution and e-commerce tenants. This project will be an excellent addition to our portfolio and an economic driver for Florence’s continuing emergence as a major Northeast distribution address.”

Source

NAI Mertz

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