"The underutilized site will become a bustling, portside commerce center for the 21st century,” says Lincoln Equities Group President Joel Bergstein.
BAYONNE, N.J. (PRWEB) November 30, 2018
Lincoln Equities Group (LEG) completed the final stages of demolition at the new Lincoln Logistics Center, imploding a 175-foot smokestack and 150-foot steel water tower. The 152.9-acre waterfront site is being redeveloped to house 1.6 million square feet of industrial warehouse space and is expected to create 2,700 jobs.
“The demand for industrial warehousing has never been greater, thanks to the rise of e-commerce and same-day delivery services,” said LEG President Joel Bergstein, who acquired the property earlier this year. “The new Lincoln Logistics Center will help meet that need. The underutilized site, which once held structurally unsound and functionally obsolete buildings, will become a bustling, portside commerce center for the 21st century.”
Located at the former Military Ocean Terminal at Bayonne (MOTBY), the site contains 62.9 acres of riparian water rights, offers immediate maritime access to the Hudson River and the Newark Bay (via the Kill Van Kull), as well as direct access to the New Jersey Turnpike, Interstate 78, Route 440, Routes 1 & 9 and the Global Container Terminal. Parcels are currently available for sale or lease.
Lincoln acquired the property in June 2018 and since that time there has been ongoing demolition of 70-year-old, outdated industrial structures and concrete foundations. To comply with post-Hurricane Sandy standards, the elevation of the site will need to be raised 6 feet. This will require the importation of in excess of 1 million cubic yards of clean fill. Construction will take place over the next two years.
“The City of Bayonne worked closely with various agencies to make this coordinated implosion a safe event for credentialed attendees and onlookers,” said Bayonne Mayor Jimmy Davis. “Construction at the site underscores Bayonne’s standing as one of New Jersey’s growing economic and transportation centers.”
Prior to redevelopment, the site sat dormant for over a decade. Commenting on it, Cushman & Wakefield Vice Chairman Jules Nissim, an LEG advisor on the property, said, “The logistics center is one of the largest development projects in the region. By 2020, the site will accommodate tenants from 200,000 to over 1 million square feet.”
Nissim added that the site’s proximity to Newark Airport, New York City and the Global Container Terminal make it ideal for a variety of users, including e-commerce, last-mile delivery, significant importers and New Jersey’s traditional food, retail, consumer products and third-party logistics (3PL) user base.
Lincoln Logistics Center, at the MOTBY site, is located on a man-made peninsula that extends into the New York Harbor and was once used by the U.S. Navy as a repair base during World War II. It was obtained by the U.S. Army in 1967 but shuttered in 1999 amid a wave of deindustrialization.
About Lincoln Equities Group
Lincoln Equities Group LLC (LEG), established in 1980, is one of the Northeast's leading full‐service real estate companies. The company owns, operates, develops and manages commercial, industrial and residential properties throughout the tri‐state area and Europe, for its own account and for third‐party owners. http://www.lincolnequities.com.