By Barbra Murray, Contributing Editor
In need of more elbowroom, Goya Foods Inc. has broken ground on a new $127 million headquarters and regional distribution center in Jersey City, N.J. The 615,000-square foot property, to be developed by The Rockefeller Group, will allow Goya to remain within close proximity of its manufacturing operations in Secaucus, its home base location for nearly four decades.
Goya had other location options for its new home, of course, but the State of New Jersey campaigned to keep the company in the Garden State. Ultimately the Board of the New Jersey Economic Development Authority signed off on an agreement that provides Goya with an $81.9 million incentive in the form of tax abatements over a 10-year period under the Urban Transit Hub Tax Credit Program.
Goya?s new digs will encompass 38,000 square feet of office space and a substantial warehouse of 577,000 square feet. The property will sprout up in the Meadowlands submarket on a 40-acre former brownfield site that the food company acquired from the Rockefeller Group in a transaction orchestrated by commercial real estate services firm Cushman & Wakefield Inc.
?We purchased this land with the hope that it would attract the ideal user, both for New Jersey and for Jersey City,? said Kevin R. Hackett, President and CEO of The Rockefeller Group.
Land comes at a premium in the Meadowlands; the Goya site is the last parcel of undeveloped land with the capacity to accommodate development exceeding 600,000 square feet. As for existing options, the submarket is relatively short on large contiguous blocks of industrial space, with only three locations offering more than 400,000 square feet in the second quarter, according to a report by commercial real estate services firm Jones Lang LaSalle.
The Goya property is on track to reach completion in spring 2014.
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