Auto processor expands in Port Newark
The Port Authority of New York and New Jersey last week agreed to lease an additional 20 acres of land and warehouse to automobile processor FAPS Inc. in Port Newark, N.J through 2019.
The deal will allow FAPS to handle cars for Mazda Motor of America Inc., which is relocating its vehicle processing operations from the North East Auto Marine Terminal (NEAT) in Jersey City to become a customer of FAPS in Newark.
About 17 acres would be added effective Nov. 1 and the remaining three acres would be added to the leasehold upon demolition of a building scheduled to be completed by the end of 2008.
Earlier this year the port authority bought out NEAT’s lease where it is planning to expand container handling facilities adjacent to the current Global Container Terminal on the Port Jersey Peninsula.
FAPS, formerly known as Foreign Auto Preparation Service Inc., has been a vehicle processing tenant at Port Newark since 1956. FAPS leases, through Dec. 31, 2019, about 198 acres in Port Newark.
The total aggregate rental for the added premises is expected to be $14.9 million to $16.3 million.
