Industrial real estate was already buzzing with activity in some parts of New Jersey, with a regional vacancy rate in the 3 percent range. And it’s expected to go gangbusters once the crisis fades, said Jeff Milanaik, a partner at Bridge Development Partners, which builds warehouses near major cities and has about 4 million square feet under development.
Milanaik said this month he leased 419,000 square feet at a spec industrial site his company is developing in Phillipsburg, New Jersey, to Mark Anthony Brands International, which makes White Claw hard seltzer. New Jersey considers liquor stores essential businesses.
“I am even more bullish than before,” Milanaik said.