Hines acquired Newark Distribution Center, a three-building, 715,936-square-foot industrial portfolio in December 2022. The properties are located at 397-447 Ferry Street, 400 Ferry Street, and 100 Christie Street in the core port market of Newark, New Jersey. This acquisition marks the first industrial acquisition in its East Region.
The portfolio is fully leased to 15 tenants across a wide array of industries, including third-party logistics, warehousing, manufacturing, vertical farming R&D, and art storage. In addition to the three buildings, the property also includes 23,302 square feet of land used for trailer parking that is leased to One Stop Newark. Newark Distribution Center offers 13’10” – 27’1” clear heights, a total of 68 dock doors, and approximately 80 car parking spaces. Two of the three buildings contemplate solar panels on the roofs; the largest building received a program allocation award under the New Jersey Community Solar program and is waiting for zoning approvals.
The Site is located in a core industrial submarket with close proximity to Port Newark-Elizabeth (2.7 miles), the 2nd largest port complex in the US. The site is also proximate to Newark International Airport, I-95, and the Lincoln tunnel into NYC.