EAST HANOVER — New Vernon Equities has secured a $20 million construction loan from Provident Bank to build a 100,000-square-foot speculative industrial building at its Arena campus off Route 10, according to brokers with CBRE.
The project at 80 Arena Way is redeveloping a former office building site within the campus. Plans call for 32-foot clear ceiling heights, 26 dock-high loading doors, two drive-in doors and parking for 196 vehicles. Delivery is scheduled for the first quarter of next year.
CBRE’s Matthew Pizzolato, Josh Stein and Carlos Silva arranged the financing on behalf of New Vernon Equities. Newmark’s Michael Schipper, Kyle Eaton and Robert Loderstedt will handle leasing at the property, and ARCO Design/Build is the general contractor.
“80 Arena Way addresses a clear gap in Morris County, where demand for small-bay, multitenant industrial space has outpaced availability,” Pizzolato said. “By partnering with Provident Bank, we were able to structure a construction loan that supports New Vernon Equities’ vision for a Class A facility with the flexibility to accommodate tenants from 20,000 square feet up.”
Each suite will have up to 5% office space, plus up to 20,000 square feet of mezzanine space. The 17.89-acre site is about three miles from Interstate 287 at Exit 39A, with Interstate 80 and Route 46 nearby, giving tenants access to New York City, regional ports and the broader Northeast Corridor, with 20.2 million people within a 90-minute drive.
Morris County has roughly 28.8 million square feet of industrial inventory, and buildings under 100,000 square feet have averaged 98 percent occupancy over the past five years, according to CBRE, which called the county one of New Jersey’s strongest industrial submarkets.
