JLL today announced it has pre-leased the 540,688-square-feet Hudson Valley Logistics Center (HVLC) in East Fishkill, New York, on behalf of the landlord, a joint venture between Bluewater Property Group and Affinius Capital.
A global automotive manufacturer signed a long-term agreement to occupy the entire 540,688 square foot property as a new parts distribution hub.
Located at 32-34 Patriot Way, the state-of-the-art facility is set for completion in Q3 2024. It features 36 ft. clear ceilings, 120 dock positions, three drive-in doors, 134 trailer stalls and parking for 212 cars. It is strategically located in the Lower Hudson Valley, an outstanding logistics location that can fully serve the entire Boston to Philadelphia consumer corridor while sitting on top of the NYC metro area.
“We are pleased to welcome this new occupier to the Hudson Valley Logistics Center, which will arrive at a pivotal time in a market with a very limited construction pipeline,” said Ryan Kelly, Vice President of Development at Bluewater Property Group. “Being able to provide vital logistics space at the heart of one of the world’s most densely populated markets will have a direct impact on the local economy and we are privileged to be a part of that.”
Space constraints across the Northeast, combined with a push for supply chain sophistication, has transformed the Lower Hudson Valley into a hotbed of activity among developers and tenants who see the market as a viable alternative to areas such as Exit 8A and the Lehigh Valley, according to JLL. Demand for high quality logistics space in the Lower Hudson Valley drove Class A absorption to +1.4 million square feet the first quarter, compared to -675,230 square feet in the Class B/C segments, according to JLL’s Q1 2-24 Northeast Industrial Region Outlook.
A JLL Northeast Industrial team that included Vice Chairmen Rob Kossar and David Knee, Executive Managing Director James Panczykowski, Managing Director Dave MacDonald and Vice President Charlotte Belling advised both tenant and landlord on this transaction.
Said Panczykowski, “In a market as dynamic as the Lower Hudson Valley, with truly limited inventory, occupiers are eager to lock in well-located, modern industrial space. We are thrilled to have been able to complete a transaction with a leading company in a modern facility on an ideal site offering access to the nation’s most densely populated region, with the ability to reach nearly 47 million US consumers in a day’s drive.”
Hudson Valley Logistics Center is located immediately off I-84 and is 15 minutes from the confluence with I-87 and the NYS Thruway. The property is within a four-hour delivery range to all major population centers in the Northeast U.S., including New York City, Philadelphia, Boston and Long Island.
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.
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About Bluewater Property Group
Bluewater is a hands-on industrial real estate investment, development, and operating company bringing over 25 years of experience to the logistics sector. Our nimble team creates value for our customers, investors, and community partners through a focused investment strategy and seamless project execution. Bluewater principals and team members have extensive experience leading public, private, and entrepreneurial entities focused on the logistics real estate sector and have, as part of a larger team of professionals, successfully developed, acquired, managed and sold in excess of $10 billion of value and 150 million sf of industrial assets. Find out more at www.bluewaterpg.com
About Affinius Capital
Affinius Capital® (previously known as USAA Real Estate and Square Mile Capital Management) is an integrated institutional real estate investment firm focused on value-creation and income generation. With a 40-year track record and $32 billion in net assets under management, Affinius has a diversified portfolio across North America and Europe providing both equity and credit to its trusted partners and on behalf of its institutional clients globally. For more information, visit www.affiniuscapital.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
