04 May, 2023, 11:00 ET
100% Leasing of 1.23 Million Square Foot State-of-the-Art Logistics Park in Hamilton Township, NJ Further Positions HRP as a National Leader in Strategically Located Industrial Redevelopment
HAMILTON TOWNSHIP, N.J., May 4, 2023 /PRNewswire/ -- Hilco Redevelopment Partners (HRP) today announced the completion of leasing at HRP Mercer Logistics Park, an 132-acre, 1.23 million square foot sustainably-built logistics hub located in the heart of the Northeast Corridor on the site of the former Mercer Generating Station.
HRP acquired the former coal-fired power plant in Hamilton Township, New Jersey in December 2018 and embarked on a comprehensive remediation program and redevelopment to create a two-building warehouse and logistics campus. Bordering Trenton, NJ in the Central New Jersey Industrial Market, this redevelopment is an extraordinarily rare, large, infill site in one of the lowest-vacancy, supply-constrained markets in the United States.
"HRP Mercer is a prime example of how our holistic approach to redevelopment can unlock the enormous potential of strategically located industrial sites," said HRP Chief Investment Officer Andrew Chused. "Transforming these legacy properties into new strategic opportunities bring increased sustainability and renewed economic vitality to America's great logistics corridors."
Positioned just 65 miles from Manhattan, 35 miles from Philadelphia, and in close proximity to the area's significant seaport and airport infrastructure, nearly 40 percent of the US population can be reached within a single day's drive from HRP Mercer. Access to 2.48 million workers, including more than 112,300 transportation and warehouse workers, enhance the site's value as an ideal location for both regional distribution and last mile logistics.
As a HRP redevelopment project, HRP Mercer boasts key sustainability features, including buildings sitting above the 500-year flood plain and construction of all pavement sections above the 100-year flood plain, beneficial re-use of materials to the highest degree possible, and rooftop solar-ready construction, and other energy efficient enhancements.
Building 1, measuring 846,000 square feet, is leased to Dynamic Marketing Inc. (DMI), a buying cooperative business servicing the needs of independent consumer electronics and appliance dealers. DMI has 80 active members with over 90 showrooms in New York, New Jersey, Delaware, and Connecticut. As the longest running continuously operating cooperative warehouse group in the United States, DMI has helped small independent dealers stay competitive in major markets for over 65 years.
The nearly 385,000 square foot Building 2 is leased to United Distribution Services (UDS). Originating as a small trucking and warehousing company servicing the New York City garment district, UDS grew to become a leader in "just in time" retail replenishment for apparel, footwear, and accessories manufacturers and retailers across the US. HRP Mercer will mark their fifth location as they continue to expand their reach. Established nearly 30 years ago, UDS is a full-service distribution partner for companies that range from Fortune 100 to small startup designers.
Both tenants are well-established third-party logistics providers deeply rooted within the northeastern markets. The companies are decades-long industry leaders with a diverse client base and unmatched expertise in the third-party logistics space, the importance of which continues to grow in today's economy.
Nate Demetsky and David Knee of JLL represented HRP for all leasing efforts at HRP Mercer.
About Hilco Redevelopment Partners (HRP): HRP is in the business of transformation. As a real estate owner, operator, and developer, we re-imagine complex properties across the United States to remediate and redevelop sites for the future. To do this we take a holistic approach to sustainable redevelopment that prioritizes the community, the environment, and the economy. We do this because we want to make lasting change. Our expertise spans multiple sectors, including modern logistics facilities, urban mixed-use projects, and life science ecosystems. HRP is passionate about and committed to making an enduring positive impact and improving communities through its transformational projects.
HRP is an operating unit of Hilco Global (www.hilcoglobal.com), a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets for both healthy and distressed companies. Hilco Global operates as a holding company comprised of over 20 specialized business units that work to help companies understand the value of their assets and then monetize that value.
SOURCE Hilco Redevelopment Partners
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