The deal was brokered by Torsten Thaler, Steve Shoemaker and Tom Tucci at Cushman & Wakefield. Ěccess: I-78, I-95, I-280, I-278, NJ-3, Newark Liberty International Airport and Port of Newark “The scarcity of developable land in the immediate vicinity of 74 Avenue L makes this a strong addition to our portfolio and supports Realterm’s strategy of owning well-located high flow through properties in top national markets.” “Northern New Jersey’s industrial market has seen significant rent growth in the last five years and has a vacancy rate of just 1.2 percent,” said Ed Brickley, Managing Director and Senior Fund Manager, Realterm. Northern New Jersey is one of the top high flow through markets in the country with little-to-no available functional transload properties and high barriers to development. The property offers easy access to I-95 and I-78 and is only 1.5 miles from the Port of Newark and 3.9 miles from Newark Liberty International Airport. “74 Avenue L is a differentiated high flow through transload warehouse in an advantageous location for Port users.” It continues to experience high volumes and congestion,” said Mitch Arthur, Associate, East Region Acquisitions, Realterm. “The Port of Newark is the busiest east coast port. ![]() The high flow through warehouse has 15 dock-high doors on 1.7-acres and is minutes from the Port of Newark. Madison Transload Terminal - 950 Industrial Drive, Madison, IN 47250. This information can be found under each individual Railroad.Realterm announces the acquisition of 74 Avenue L, a 33,500-square-foot transload facility in Newark, N.J. Transloading offers many benefits, including. If the application and plans have to be returned to applicant for revisions to meet required specifications the expedited process could take longer than 2 weeks.įor questions regarding track leases, please contact the Real Estate Manager for the Railroad in question. “Expedited processing” will reduce the processing time to between 1-2 weeks and costs an additional $2,500. Contractor’s see Insurance Requirements prior to submitting a right of entry application.įor “standard processing”, the entire process takes between 6-8 weeks. A separate application and payment of non-refundable $1,750 fee is required to obtain a right of entry permit. Please remember that you must have a right of entry permit and/or a fully executed agreement to enter or use railroad property. It is common for the entire process of leasing track to take several weeks, advance notice and timely submission of a complete and detailed application and associated fees and materials are key in processing the lease request. Upon receipt of the materials, the railroad will then execute the agreement.Ĭurrent certificate of general liability insurance in the amounts of $2 million per occurrence and $6 million aggregate.įor hazardous materials the insurance requirements are determined by assessment. The applicant must then return the executed document to the Real Estate Department with the first year rent, applicable security deposit, and required certificate of insurance. Once approved, an appropriate Track Lease or ITA Agreement will be forwarded to the applicant for signature. ![]() Upon receipt of the application and fees, the real estate team will process the request. ![]() Required annual Switch Maintenance fee in the amount of $2,500.00 (subject to change without prior notice). Please note: ALL new track to be constructed, as well as any additions to existing trackage, MUST be approved by the GWI Engineer prior to construction or request submittal for an ITA. The industrial track application (link below) requires payment of a non-refundable $1,000 (U.S.) application fee, a non-refundable $1,750 (U.S.) engineering review fee (for new track construction only), and a non-refundable $1,750 (U.S.) right of entry fee may apply for third party installation of new track. Transload Propane, Ethanol, Crude Oil, Aviation fuel, NGL, LPG, and other refined petroleum products. As of Feb 2023, Commtrex has pre-screened 28 transloading companies in Houston, TX to provide the first transloading comparison tool. In all situations involving service to a shipper on a private track either on or off Railroad property, an Industrial Track Agreement (“ITA”) is required between the parties prior to service. Portable transloaders for tanker truck and railcars. In a situation where new track construction is involved, a supplemental non-refundable Engineering Review Fee will be required and assessed on a case-by-case basis. Incomplete applications lacking railroad milepost and railroad subdivision information will be immediately rejected. The application requires payment of a non-refundable $1,000 application fee, which can be paid via check or money order made payable to GWI. An applicant may obtain a track lease through completion and submission of a Track Lease Application, accessible by the link below.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |