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Russo, Forsgate Seal the Deal on 718-Acre Kingsland Tract
Four years after winning a bid for the 718-acre Kingsland Tract, a former landfill spanning the municipalities of Lyndhurst, Rutherford, and North Arlington, Russo Development and Forsgate Industrial Partners have completed the $42.5-million purchase of the tract.
They’ll now turn to building Kingsland Meadowlands, a logistics development of up to six buildings and more than three million square feet. The partners expect to deliver the first building to the market in late 2021.
“The Meadowlands submarket is one of the strongest industrial/warehouse markets district in the United States, and the opportunity to build this project in such an outstanding location is a great accomplishment for not only our companies, but for the region that we have helped develop over the course of more than 100 years of combined history,” said Russo CEO Edward Russo.
Forsgate and Russo Development have been active in the Meadowlands since the 1960s.
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