West Conshohocken, Pa.-based REIT Keystone Property Trust has begun a 525,000 sq. ft. industrial development at Greenville Yards in Jersey City, N.J. The project will redevelop a former Conrail switching yard into two distribution centers. The price was undisclosed.
Keystone acquired the 26-acre site in September 2002 from the Jersey City Redevelopment Agency. A remediated brownfield, the property is the final phase of redevelopment within the 200-acre Greenville Yards Industrial Park, located off exit 14A of the New Jersey Turnpike.
"The existing industrial product in the Port is old, and nearly all of it is flawed in some respect regarding today’s user needs," said Jeffrey Kelter, president and CEO of Keystone, in a statement. "These new warehouses will offer everything a high-cube tenant needs."
The centers, expected to be completed during the second quarter of 2003, will include large footprints, 36-foot clear ceilings and cross-dock capabilities.