The site offers convenient access to major transportation hubs, including the New Jersey Turnpike, airports and seaports. Its prime location positions it as an ideal distribution centre and last-mile delivery hub, particularly for e-commerce operators.
“This acquisition highlights our ongoing commitment to expanding our footprint in the US, which remains Mapletree’s largest market globally," says Mapletree US CEO Richard Prokup.
"It also aligns with a key component of our latest Five-Year Plan which focuses on US logistics development in high potential markets," he adds.
Chiagorom Osu, Mapletree's head of US logistics development says the company's strategy centres on acquiring well-positioned sites in both established and emerging markets nationwide where it is already present and where it sees long-term growth opportunities.
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"This project allows us to grow our existing 70 million sq ft US logistics portfolio with a premium facility designed to attract a diverse range of occupiers across industries. This development underscores our long-term commitment to delivering high-quality logistics solutions in the New Jersey market," says Ous.
Mapletree Investments now owns and manages logistics assets across the world totalling some 251 million sq ft.
Mapletree has been in the US since 2014. Beyond logistics, Mapletree’s US portfolio spans multiple asset classes, including office, data centre, student housing and multifamily properties. As of 31 March 2024, the US accounted for approximately 27% of the Group’s total assets under management, valued at $77.5 billion.
