Cold Storage Facility to Transform Former Novartis Campus in East Hanover

RealCold, Russo Development, and Onyx Equities partner on a 380,000-square-foot project set to open in 2026.

East Hanover, NJ - Construction is underway for a 380,000-square-foot cold storage facility at the former Novartis Corp. campus on Route 10 in East Hanover. The project, spearheaded by RealCold in partnership with Russo Development and Onyx Equities, is part of a broader redevelopment of the 62-acre site, which was acquired in 2020.

“We are thrilled to kick off this project in East Hanover which is in no small part due to our various partners whose collaboration led us to this premier site in northern New Jersey,” RealCold CEO Keith Goldsmith said. “Our collective research, input from customers and demand from the market, has reinforced that this is the most strategic location to bring significant cold storage online. We believe it will be a game-changer for importers/exporters, grocers, food manufacturers and online retailers with operations in the region.”

State-of-the-Art Facility to Boost Efficiency

The new facility will feature cutting-edge design elements, including:

• Temperature flexibility: Rooms adjustable from -20°F to 55°F.
• High-throughput infrastructure: Over 40 dock doors, a 70-foot refrigerated dock, and 50-foot ceiling clearance.
• Specialized spaces: Five convertible rooms and areas dedicated to direct-to-consumer activities and value-added services for e-commerce fulfillment.

These features will position the facility to efficiently support manufacturers, grocers, and food service providers. Its strategic location, a 30-minute drive from Port Newark-Elizabeth, will enable RealCold to reach 97% of the U.S. population within two days.

“A complex redevelopment such as this one — where a portion of an active property is transitioned — requires an enormous amount of collaboration,” Russo Development CEO Ed Russo said. “In this case, we and our partners at Onyx and RFM were fortunate to work with a great team at Novartis and the Township of East Hanover, blending a set of interests that became a common mission.”

Additional Development on Site

The cold storage facility will be accompanied by a 220,000-square-foot dry industrial building with 40-foot ceiling heights, contributing to the site’s transformation from vacant office space into a modern logistics hub.

John Saraceno, cofounder and managing principal of Onyx Equities, added: “This is a perfect example of repurposing a former office use — in this case with an esteemed legacy — to the standards and market receptiveness of new industrial uses and the result is a promising new life through RealCold, and we are proud to be a part of it.”

National Expansion Efforts

The East Hanover project is part of RealCold’s growing portfolio, which includes developments in Lakeland, Florida, and Lockhart, Texas. Upon completion, RealCold will operate nearly 1.6 million square feet of cold storage space across eight sites nationwide.

“We are fortunate to have had an opportunity to secure this property in such a highly coveted market, and thank those who have worked to make today a reality,” said Michael Winston, managing director at Related Fund Management. “We are proud of the vision we have for this site — a modern facility that has been engineered with exacting standards and optimized to service the demands of the food industry for years to come.”

Leasing and Market Reach

CBRE’s Kevin Dudley and Chad Hillyer are leading leasing efforts for the site at Route 10 and Ridgedale Avenue. The facility is expected to cater to the booming e-commerce sector, as well as regional and national food distribution networks when it opens in early 2026.

This redevelopment represents a significant investment in Morris County’s industrial capabilities while breathing new life into the former Novartis campus.