Summit plans industrial development for 42-acre former Coca Cola site

Real Estate Weekly,  Oct 17, 2007  

Tags: Coca-Cola Co.

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Summit Associates, Inc., with financing provided by an investment client of BlackRock, has acquired a prime 42-acre undeveloped parcel formerly owned by Coca Cola Enterprises at 429 Delancy Street, according to international commercial real estate services firm Studley.

The new owner plans to develop up to 810,000 s/f of state-of-the-art, railserved industrial space for either a single user or multiple tenants. Studley, which represented Coca Cola Enterprises in the sale, has been retained to market the new project, Nexus Port East, scheduled to break ground in 2008.

"This is a significant project for Newark and is expected to have a positive impact on the city and state's economy by creating quality employment opportunities for the state's highly skilled and diverse labor pool," explained Studley Senior Managing Director Dan Foley and Studley Northern New Jersey Branch Manager Tom Carragher.

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429 Delancy Street is located within an Urban Enterprise Zone and is adjacent to Port Newark, Elizabeth Marine Terminal and Newark Liberty International Airport. It offers frontage along the New Jersey Turnpike at exit 14 and on U.S. Routes 1 and 9.

"The facility will fill a longstanding void in Newark's industrial sector," said John Visceglia, Jr., executive vice president of Summit Associates, Inc., one of New Jersey's premier real estate developers. "Summit Associates is proud to be developing this important project for the state of New Jersey and Newark, where we've held real estate interests periodically since the mid-1950s."

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