(By Balaseshan) Prologis Inc. (NYSE: PLD) said it is converting a former New Jersey landfill site into a LEED-certified logistics property, and signed two leases totaling 740,000 square feet prior to the start of construction.
A wholesale packaging distributor will occupy 395,000 square feet while an e-commerce food retailer will occupy 345,000 square feet. An additional 140,000 square feet of speculative space will also be developed.
Pulaski Distribution Center is strategically located four miles from the Port of New York/ New Jersey and about three miles from New York City and the New Jersey Turnpike. Extensive environmental clean-up work has been completed at the site under the supervision of state and federal regulatory agencies.
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Since acquiring the 50-acre site in 2008, Prologis has worked in close partnership with the U.S. Environmental Protection Agency and the New Jersey Department of Environmental Protection to implement a development plan that returns the site to productive use and will result in permanent capping and closure of the landfill.
Once fully developed, the property will include a LEED-certified, 880,000 square-foot logistics facility with the remaining land returned to green space.
Within the New York/New Jersey market, Prologis owns and manages more than 22 million square feet of distribution space across 182 facilities that are currently 94% leased.
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"By identifying strategically-located properties, applying our brownfield development and redevelopment expertise, and bringing Class-A facilities to market, we are able to offer our customers a key location in northern New Jersey, one of the most dynamic and land-constrained infill areas in the U.S.," said Jay Cornforth, president East Region, Prologis Americas.
PLD is trading up 0.03% at $35.25 on Monday. The stock has been trading between $26.65 and $37.58 for the past 52 weeks.