JLL retained to lease Class A logistics facility on New York-New Jersey border
Lincoln Equities Group (LEG), one of the region’s leading owners, managers and developers of commercial real estate, recently broke ground on a 220,000-square-feet speculative warehouse at 625 Corporate Place in Valley Cottage, just over the New Jersey/New York state border in Rockland County, N.Y.
Situated on a 23-acres site in Executive Park on Route 303 and set for completion in Q3 2023, it will be the first modern logistics facility constructed in the county since 2009. With the average age of industrial properties topping 45 years, Lincoln Equities @ Rockland County will be a unique asset in the market, offering tenants a Class A facility for meeting today’s operating challenges and consumer demands.
The developer has retained JLL Northeast Industrial as the exclusive leasing agent for Lincoln Logistics @ Rockland, which will feature state-of-the-art industrial design, superior loading, wide column spacing and energy-efficient LED lighting. It will have 36 ft. clear ceiling heights, 34 loading docks, two drive-in doors, 41 trailer stalls and parking for 123 cars.
Located just off Interstate 287 and minutes from the Mario Cuomo Bridge, with easy access to NYC, Westchester and Fairfield counties, and northern New Jersey, the property is situated at the center of the Northeast’s most affluent population pockets. The area immediately surrounding the property boasts median household income levels 74% higher than the national average.
With a pipeline of more than two-million-square feet of modern industrial space under development, LEG is responsible for some of the tri-state’s most transformational developments, including the 152-acre Lincoln Logistics Bayonne campus.
Joel Bergstein, president of LEG, said, “Lincoln Equities @ Rockland County represents the best industrial opportunity in Rockland County and, working with JLL, we are already seeing interest from Fortune 500 companies, third party logistics firms and local businesses looking to expand. Rockland County’s business-friendly climate and superior transportation access make it an ideal location for value-oriented tenants requiring access to the New York tri-state market.”
The exclusive JLL leasing team is led by senior managing director James M. Panczykowski, executive managing director Dean Brody, and vice president Ignatius Armenia.
“As the industrial markets in Northern New Jersey and New York City continue to experience record-breaking demand, Lincoln Logistics @ Rockland offers a new alternative for tenants seeking to service the region from Class A industrial space,” said Panczykowski. “This type of highly coveted, state-of-the-art space is ideal for a successful distribution hub that caters to the ever-growing demand for fast local deliveries.”
According to JLL’s Q4 report, the Lower Hudson Valley has transformed from a build-to-suit andowner-user market into a growing speculative construction market with record low vacancy.Lincoln Logistics @ Rockland is the only Class A industrial facility currently under construction in the county, where vacancy stands at 3.4%, according to JLL’s Q4 Lower Hudson Valley market report.
With no Class A vacancies in the Lower Hudson Valley, developers are in the drivers’ seat as tenants seek an estimated 12-million-square-feet of space in the region to help meet demand from consumers for ever-faster deliveries. As the most populous metropolitan area in the United States with over 23.6 million residents, New York has seen industrial occupancy rates climb to 97.9% and, despite economic headwinds, demand remains robust.
JLL formed its Northeast Industrial Region in early 2017, combining its industrial brokerage operations in Connecticut, New Jersey, New York and Pennsylvania into a single region. The firm merged its industrial business lines to better serve clients that increasingly view the industrial sector in all four states as one large interconnected market. The Northeast Industrial Market comprises approximately 1.76 billion square feet of industrial space and represents the largest industrial market in the United States.
About Lincoln Equities Group
Lincoln Equities Group owns, operates, develops and manages commercial and residential properties throughout the tri-state area and Europe for its own account and for third-party owners. The company’s development team is currently leading five major developments across the New York metropolitan area with a planned build-out of 3,100 residential units and over 2,000,000 square feet of modern industrial space.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
