Expansion of port, canal boosts outlook for Newark

New York /
Aug.August 22, 2012 11:00 AM

An expansion of the port of Newark, N.J., and another expansion half a world away have conspired to boost development in the Newark region, the New York Times reported.

The port, which is in the midst of a $650 million upgrade, and the Panama Canal, which will be upgraded by 2015 to allow much larger ships, mean that the demand for industrial space in Newark is rising — at least that’s what developers are betting on. Spaces to house the additional goods that will be moved through Newark are rising throughout the once-troubled city, the Times said.

As The Real Deal reported last month, Morris Companies, a New Jersey-based developer, broke ground in July on a $50 million warehouse in Newark, without a committed tenant.

“Anybody that’s in the industrial sector is probably in a good mood because they’re seeing the light at the end of the tunnel,” Michael McGuinness, head of the New Jersey chapter of the NAIOP, a commercial real estate trade group, told the Times. [NYT] — Guelda Voien


Related Articles

arrow_forward_ios
Omni’s Garden Spires residents allege leaks, mice infestations
Omni’s Garden Spires residents allege leaks, mice infestations
Omni’s Garden Spires residents allege leaks, mice infestations
A view of the development site with Bears & Eagles Riverfront Stadium and Madison Realty Capital’s Josh Zegen (City of Newark, Wikimedia/buba69)
NJ developer lands $400M apartment loan
NJ developer lands $400M apartment loan
Newark puts restrictions on businesses amid spike in Covid-19 cases (Getty)
Newark restricts businesses again to curb Covid spike
Newark restricts businesses again to curb Covid spike
In and around Newark’s Ironbound, projects proliferate
In and around Newark’s Ironbound, projects proliferate
In and around Newark’s Ironbound, projects proliferate
From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)
Black developers say partnerships aren’t always equal
Black developers say partnerships aren’t always equal
Concept plans for 'The Halo' at 289-301 Washington Street and Meridian Capital Investment's David Schechtman - provided by Meridian Capital Investments/ Minno Wasko
Developer seeks $40M for Opportunity Zone site in downtown Newark
Developer seeks $40M for Opportunity Zone site in downtown Newark
Clockwise from the upper left: Advance, Greek break ground at logistics center in Linden, home designed by Frank Lloyd Wright in Glen Ridge back on the market, Prism Capital pens Woodbridge site acquisition, Lone Star Funds offloads Montvale office
American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news
American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news
Joy Construction's Eli Weiss (top) and Maddd Equities' Jorge Madruga with 765 Broad Street in Newark (Credit: Google Maps and Getty Images)
Joy Construction, Maddd Equities land $34M loan for Newark building
Joy Construction, Maddd Equities land $34M loan for Newark building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...