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Peapod, Imperial Bag & Paper Sign 740,000 SF in Two Leases

Prologis Nearly Fills Proposed Distribution Ctr in Jersey City
December 12, 2012
Two tenants leased a total of 740,000 square feet in the proposed Prologis Ports Jersey City industrial building at 219-295 Routes 1 & 9 in Jersey City, NJ. Peapod, an online grocer, leased 345,000 square feet at the building, while Imperial Bag & Paper, Co. took 395,000 square feet there.

Construction of the 878,564-square-foot industrial building is set to begin first quarter of next year. Completion is tentatively scheduled for early 2014. The single-story, class A distribution center will be located on 46.6 acres in the Hudson County Waterfront Industrial submarket. Plans call for 159 loading docks and high-cube construction with 36-foot clear heights and 52x55-foot column spacing. Nearly 140,000 square feet is still available for lease at the Pulaski Distribution Center, located in an Urban Enterprise Zone just three miles from the Turnpike.

The tenants both took advantage of state credits designed to attract and retain businesses in New Jersey. Peapod was awarded nearly $34.6 million in Urban Transit Hub Tax Credits from the New Jersey Economic Development Authority (NJEDA). Imperial Bag and Paper received $29.1 million in Grow New Jersey tax credits by NJEDA in its relocation from Bayonne, NJ.

Robert Kossar, David Knee, Blake Chroman, and Christopher Hile of Jones Lang LaSalle represented the property owner, Prologis. Mindy Lissner, William Waxman, and Steve Clancy of CBRE represented Peapod in its deal.
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