Morris Cos. broke ground Tuesday on a $50 million 350,000-square-foot warehouse in the Ironbound section of Newark, N.J. The Rutherford, N.J.-based developer is building on the dormant brownfield site, the home of a former Sherwin Williams Co. paint facility at 60 Lister Avenue.
CBRE Group Inc., the exclusive broker, has begun marketing the on-spec facility to potential tenants, and officials say there is strong demand for warehouse space in such close proximity to the Port of Newark and New York City. “It could be a combination of port-related companies,” Thomas Monahan, senior vice president at CBRE, told The Real Deal. [more]