Russo, River Development set to unveil 211,000 sq. ft. spec industrial building in Kearny

Russo Development and River Development are set to deliver a single-story, 211,287-square-foot distribution center at 1100 Harrison Ave. in Kearny. — Rendering courtesy: Russo Development/River Development

By Joshua Burd (reposted from Real Estate NJ)
​
Russo Development and River Development are nearing the completion of more than 211,000 square feet of new logistics space just off Interstate 280 in Kearny.

The firms on Monday said the project, located at 1100 Harrison Ave., will bring new life to a former manufacturing site that was contaminated but has since been cleaned up. They’re now on track to deliver the speculative industrial building during the fourth quarter, seeking to capitalize on a location that is less than six miles from Newark Liberty International Airport, nine miles from Port Newark-Elizabeth and just under 11 miles from Midtown Manhattan.

They added that the single-story, 211,287-square-foot distribution center will have 38-foot clear ceiling heights, 41 loading docks and parking for 251 cars and 64 trailers, along with office space built to the tenants’ specifications.

“The most critical factor in logistics is project location. At Russo, we strategically select our locations to maximize efficiency and transportation costs for our tenants and that is exactly what 1100 Harrison Avenue’s location will provide, located less than a mile from the New Jersey Turnpike,” said Michael Pembroke, chief operating officer at Russo Development. “The connectivity that this development offers to New Jersey will be invaluable for our future tenant.”

River Development sourced the property in an off-market deal, according to a news release. Working closely with the multigenerational business owners, the firm advised and executed preclosing environmental remediation across local, state and federal agencies, while working with Russo and local officials in Kearny to lay the groundwork for the redevelopment.

NAI James E. Hanson’s Tom Vetter and Jeff DeMagistris lead the leasing team for the property.

“Russo Development was the partner of choice for us as much for their integrity as their bandwidth,” said Warren Waters, a principal and partner with River Development. “We interact with a wide cross-section of the company and its not a coincidence that we are developing multiple projects together.”

The firms noted that 1100 Harrison Ave. will have excess parking in a supply-constrained market and is minutes from other major highways including the New Jersey Turnpike and interstates 80 and 78. In addition, there is a workforce of more than 4.8 million within a 15-mile radius of the development and some 50 million consumers within a day’s drive.
​
Additionally, the site is within Kearny’s Urban Enterprise Zone, making it eligible for incentives such as a 50 percent reduction in sales tax for retail customers, corporate employee tax credits and priority financial assistance in accordance with state programs, the news release said.