iPort 12

Ability to close quickly on a complex transaction leads to acquisition of a modern class A project located in strategic infill location.

iPort 12 is a two building 1,264,733 SF, Class A development located at Exit 12 of the New Jersey Turnpike in Carteret, New Jersey. The property is situated on 70 acres with direct Turnpike frontage and immediate access to the reconstructed Exit 12 interchange. On-site circulation is facilitated by a perimeter ring road that affords unimpeded access to multiple suite entrances located around both buildings. One building is a large cross-dock facility totaling 1,064,515 SF and the other is a 200,218 SF front load building. Both buildings feature modern characteristics, including 36-foot clear ceiling heights, 80’ x 72’ column bays, abundant loading and excess trailer parking.

We sourced the acquisition of this highly appealing but distressed property at the height of the financial crisis. The seller valued our ability to complete due diligence in an accelerated fashion as well as our certainty of closing. The complexity associated with the environmental history of the site, coupled with TIF financing requirements of the deal, created an opportunity to acquire the property at a substantial discount to replacement cost.

The buildings were 11% leased when we put the buildings under contract, but KTR quickly signed leases with a building products company and a major supermarket co-op group to bring the project’s total occupancy to 100%.