Lease Agreement Underscores Continued Need for Onshoring Supply Chain and Further Positions HRP Projects as the National Standard in Strategically Located Industrial Redevelopment
JERSEY CITY, N.J., June 22, 2023 /PRNewswire/ — Hilco Redevelopment Partners (HRP) today announced the long-term lease of 80,000 square feet of state-of-the-art warehouse space at HRP Hudson Logistics Park by DB Schenker, a global logistics leader with over 1,800 locations around the world committed to sustainable supply chain management.
“DB Schenker’s focus on global sustainability, clean logistics and healthy communities is a perfect fit for our transformative redevelopment in Jersey City,” said HRP Chief Investment Officer Andrew Chused. “HRP’s similar commitment to sustainable redevelopment was the guiding focus of the project, and we’re thrilled that DB Schenker shares the same core values.”
Positioned in the heart of the Meadowlands in Jersey City, NJ, HRP Hudson is an extraordinarily rare, large scale, urban-infill site in one of the lowest-vacancy, highest-rent growth, supply-constrained markets in the United States. The site is strategically located near the Port of New York & New Jersey and Newark Liberty International Airport, and just four miles from the New Jersey Turnpike and Lower Manhattan.
Proximity to workforce is equally advantageous, with 43% of the Northeast’s industrial workforce calling Northern New Jersey home and nearly 345,000 transportation and warehouse workers living within a 15-mile radius of HRP Hudson.
“HRP Hudson’s strategic location and sustainable construction features makes this facility an ideal match for our focus on building greener supply chains and delivering seamless last-mile service,” said DB Schenker Area Airfreight Director, Andrew Botthof. “Partnering with a leading industrial redevelopment firm like HRP is consistent with our commitment to build resiliency and reduce environmental impact while creating sustained value for our customers.”
HRP Hudson’s story aligns closely with DB Schenker’s focus on environmental sustainability. HRP purchased the former Hudson Generating Station coal-fired power plant in December of 2018 and undertook an extensive redevelopment that included improvements to surrounding roadways and infrastructure and resiliency measures such as importing clean soil to raise the park out of the floodplain. The resulting Phase 1 86-acre master-planned industrial park features nearly 705,000 square feet of energy efficient warehouse and logistics space, including solar ready infrastructure.
This is the first executed lease since HRP Hudson’s initial buildings recently became available. A 427,155 SF building with significant additional trailer parking and a 197,277 SF building are substantially complete and available for lease.
Kevin Dudley and Nicholas Klacik of CBRE represented DB Schenker on the tenant side and David Knee, Chris Hile, and Ryan Milanik of JLL represented HRP to bring the lease agreement to a successful conclusion.
HRP Hudson Logistics Park, a development by Hilco Redevelopment Partners, is comprised of three 36′-40′ clear, sustainable warehouse/distribution buildings, ranging from 80,000 SF to 427,155 SF, all located within a state of the art, master-planned logistics park within Foreign Trade Zone #49. Strategically located in the heart of the Northeast Corridor directly off of Routes 1 & 9, HRP Hudson Logistics Park is also under 4 miles from Exits 15E & 16E of the New Jersey Turnpike. This state-of-the-art development will access over one-third of the nation’s population and has near proximity to the region’s significant seaport and airport infrastructure.
DB Schenker is one of the largest Integrated Logistics Service Providers in the Americas, with over 10,000 employees in 123 locations providing over 27 million sq. ft. of distribution operations to its clients. DB Schenker’s Americas presence includes Argentina, Brazil, Canada, Chile, Guatemala, Mexico, Panama, Peru, United States, and Venezuela. DB Schenker offers land transport, air and ocean freight, comprehensive logistics solutions, and global supply chain management services from a single source. With integrated partners across the Americas, DB Schenker provides the best combination of intimate local practices, knowledge, and global capabilities.
About Hilco Redevelopment Partners (HRP): HRP is in the business of transformation. As a real estate owner, operator, and developer, we re-imagine complex properties across the United States to remediate and redevelop sites for the future. To do this we take a holistic approach to sustainable redevelopment that prioritizes the community, the environment, and the economy. We do this because we want to make lasting change. Our expertise spans multiple sectors, including modern logistics facilities, urban mixed-use projects, and life science ecosystems. HRP is passionate about and committed to making an enduring positive impact and improving communities through its transformational projects.
HRP is an operating unit of Hilco Global (www.hilcoglobal.com), a privately held diversified financial services company and the world’s preeminent authority on maximizing the value of assets for both healthy and distressed companies. Hilco Global operates as a holding company comprised of over 20 specialized business units that work to help companies understand the value of their assets and then monetize that value.
SOURCE Hilco Redevelopment Partners