The Hampshire Companies and CBRE Institutional Properties on Monday announced a joint venture to develop PortSouth Bryla, a 460,000-square-foot logistics center in Carteret.
CBRE arranged the agreement with an institutional capital partner for Morristown-based Hampshire that will result in the development of the Class A site on 33 acres at 50 Bryla St. The logistics center will include loading docks, trailer parking and truck courts, as well as direct access to rail transportation.
“As we continue to revitalize the Port area, it was important for us to align ourselves with a partner that shares our vision for this project and also mirrors our business acumen,” James E. Hanson II, CEO and president of The Hampshire Companies, said in a prepared statement. “We are excited to embark on this project with our new joint venture institutional partner as we work to create what will soon become one of the most sought-after industrial spaces on the East Coast.”
Hampshire said construction has begun at the site, which is located in an Urban Enterprise Zone, and is expected to be completed in the fourth quarter.
Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE’s Institutional Properties Group, N.J., teamed with Michael Hines, Brian Fiumara and Brad Ruppel of CBRE’s National Partners to identify the joint venture partner.
Jones Lang LaSalle is the exclusive broker for the property.
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