WAKEFERN FOOD CORP.’S $65M DISTRIBUTION CENTER BEING DEVELOPED

NEWARK, N.J. — Forem Facility Management is developing a $65 million warehouse and distribution facility at 52-62 Cornella St. in Newark for Keasbey, N.J.-based Wakefern Food Corp. The 180,000-square-foot facility is slated to be delivered within 12 months and will serve ShopRite stores in New Jersey, New York and Pennsylvania. The project will bring 120 permanent jobs and approximately 175 construction jobs to Newark. The State Economic Development Agency has provided approval for Urban Transit Hub Credit for $45 million on a $65 million capital expenditure project. TD Bank has provided a leverage loan for approximately $27 million. Also, The Reinvestment Fund has provided a $2 million loan and Newark’s city government has provided a tax abatement. Brick City Development Corp. was involved with structuring the project financings and the entitlement process.