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Tri-State

Russo, Forsgate close on 278-acre Kingsland Tract once eyed by Trump

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Developers Forsgate Industrial Partners and Russo Development have finalized their $42.5 million acquisition of a former Bergen County landfill that they plan to turn into an industrial complex for e-commerce, NorthJersey.com reported. The 718-acre site spanning Lyndhurst, North Arlington and Rutherford is where Russo and Forsgate plan to erect a 3 million-square-foot logistics center after winning a competitive bidding process for the land from the New Jersey Sports and Exposition Authority in 2015. Russo and Forsgate said the site, known as the Kingsland Tract, has been zoned to accommodate up to six buildings, with initial deliveries slated to start in late 2021. The land was part of a failed $1 billion development by EnCap Golf Holdings of Florida in 1999 that President Donald Trump sought to rescue a decade later after it went into default. Trump’s development effort with North Carolina-based Cherokee Investment Partners similarly failed and the joint venture project was nixed by the Meadowlands Commission in 2008. CBRE represented the NJSEA on the latest deal with Teterboro-based Forsgate and Carlstadt-based Russo. According to data from JLL, the Meadowands submarket had 59.7 million square feet of industrial space with an average asking rent of $11.66 per square foot during the first quarter of this year. [NorthJersey.com]