The Lincoln Equities Group has closed on the purchase of a 90-acre plot in Bayonne, NJ for an undsclosed price. The former site of Military Ocean Terminal at Bayonne, served previously as a U.S. Army base but has lain dormant for more than a decade. Located along the Hudson County waterfront and New York Harbor, facing lower Manhattan, plans call for 1.6 million square feet of modern industrial build-to-suit space. The closing of the sale to Lincoln Equities Group is expected in May.
“This property is going to be developed into ‘next generation’ industrial warehouse space, meaning it will have 36 to 50-foot ceiling heights and a 50-foot column grid to accommodate larger amounts of goods coming off ships at the Port,” says Robert Schenkel, Senior Director of Development, LEG. “Everything currently on the site will be demolished to make room for construction of a state-of-the-art facility for tenants importing goods through the Port of New York and New Jersey.”
