Open house success at International Trade Center

Real Estate Weekly, Nov 12, 2003

Trammell Crow Company reported a strong turnout at an open house held recently at the New Jersey Foreign Trade Zone/International Trade Center in Mt. Olive.

On behalf of the ownership, a $2 billion JP Morgan fund, Trammell Crow Company serves as the exclusive leasing agent for the NJFTZ and has already closed a 45,000 s/f lease at 450 Clark Drive with BASE

Leo Paytas, senior vice president, Mitchell Katz, vice president, and Neal Heinze, senior associate of Trammell Crow, are spearheading this assignment.

"Despite our competition with the Yankees/Red Sox division series, we were very pleased with the strong reception among our peers at the NJFTZ open house," said Paytas. "Attendees were able to view the available space at the campus and all of the outstanding amenities and conveniences it affords. Trammell Crow Company's strategic marketing plan has already generated measurable results at the NJFTZ and we look forward to welcoming many more of the world's leading companies to the complex in the near future."

The NJFTZ/ITC currently has many units available for lease, including 80,000 s/f of office space and 20,000 s/f of industrial space at 450 Clark Drive; 113,046 s/f of warehouse space and 2,000 s/f of office space at 650 Clark Drive; units ranging from 1,131 s/f to approximately 40,000 s/f of office space at 500 International Drive and 101,315 s/f of flex space at 330 Waterloo Valley Road.

Other appealing features of The International Trade Center include a 141-room Wyndham Garden hotel; ITC Crossings, an adjacent 860,000 s/f shopping center; Bright Horizons Children's Day Care Center; Federal Express and United Parcel Service customer service facilities and an FAA-approved helistop with 24-hour accessibility. Corporate tenants of the International Trade Center include BASF, BMW, Givaudan Roure and Unilever, among many others.

The International Trade Center is a 684-acre, 7 million s/f mixed-use campus located in the New Jersey Foreign Trade Zone (NJFTZ), a 300-acre section of the International Trade Center. The NJFTZ is treated as though it were located outside the United States for customs purposes. Among other incentives, when located within the NJFTZ, a company can import goods or components into the NJFTZ without paying duties at that time.

In addition, the NJFTZ designation indicates that no duty is payable on goods and products shipped to foreign destinations; however, duties are paid when goods or products are shipped from the NJFTZ to U.S. destinations.

Accordingly, depending on the nature of the operations taking place, tenants may defer payment.