North Jersey’s industrial market stays hot as 2 big projects move ahead

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The former Military Ocean Terminal in Bayonne and the former Ballantine Brewery facility in Newark, two key properties in New Jersey’s hot industrial market, pushed forward with key milestones within the past week, RE-NJ reported. Site preparations began last week at the Military Ocean Terminal, a 1.4 million-square-foot waterfront industrial site being developed by Lincoln Equities. NJBIZ reported that the 152.9-acre site has received zoning approvals for four industrial buildings ranging between 150,000 and 477,000 square feet. Lincoln Equities president Joel Bergstein said construction on what is now being called “Lincoln Logistics Bayonne” will commence in 2020 and wrap up in two years. The development is a joint venture with Vancouver-based Global Container Terminals, which operates the 163-acre GCT Bayonne container terminal across the Port Jersey Channel. Lincoln Equities acquired the site last year from Ports of America Group. (Property records show that it traded to Lincoln Equities for $81 million in May 2018.) Cushman & Wakefield, which is marketing the site, said Grow New Jersey tax credits are available for the Lincoln Logistics development. Tax credits for up to 30 years have also been granted within the terminal redevelopment area. In nearby Newark, Turnbridge Equities has recently began marketing through NAI James E. Hanson its 807,000-square-foot Ballantine Industrial Center in the city’s Ironbound section. The Real Deal reported in January on Turnbridge’s $61 million acquisition of the site. [RE-NJ]