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FRANKLIN (Somerset) – A warehouse nearly the size of three Manhattan blocks has been proposed off Elizabeth Avenue just north of ShopRite.
BREIT Industrial Canyon NJ1W02, part of the Blackstone Real Estate Investment Trust, is seeking approval to construct a 355,790-square-foot building with 338,000 square feet of warehouse space and 17,790 square feet of office space, at the property on Elizabeth Avenue, Wiley Drive and Harper Street.
The plan calls for 222 parking spaces, 94 truck docks and 51 trailer spaces.
A variance is required because the township zoning ordinance does not allow more than two driveways where five driveways are proposed on the site s three road frontages.
Despite all odds, the industrial sector may have seen a record-setting year in 2020.
New York-based Blackstone Real Estate Investment Trust acquired a 59-building portfolio in April in a deal that may be the largest commercial real estate transaction ever in the Twin Cities.
Individual industrial transactions were topped by MetLife Investment Management’s $118.7 million purchase of the Amazon fulfillment center in Shakopee. This was one of the largest individual industrial sales over the past two years.
According to the most recent report from CBRE, Minneapolis’ industrial market transaction activity increased by 11% from the second to third quarter this year. Its vacancy rate was another positive signal to the market, holding steady at 4.6%.