1000 New County Street. Picture courtesy of CBRE
Prologis has landed a brand new tenant at 1000 New County Street in Secaucus, N.J. World Interactive Logistics has signed a 115,000-square-foot long-term lease. The tenant is relocating and increasing its providers from 123 Pennsylvania Ave. in Kearny, N.J.
Vice Chairman Jeff Babikian, Senior Vice President Nick Klacik, Govt Vice President Kevin Dudley and Senior Affiliate Conor Dolan with CBRE represented GIL. CBRE’s Vice Chairman Tom Monahan alongside Govt Vice President Larry Schiffenhaus spearheaded the leasing efforts and assisted the proprietor within the transaction.
Prologis acquired the 525,224-square-foot constructing in 1996 from Safety Capital Group for $16.3 million, CommercialEdge information reveals.
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Accomplished in 1968, the Class B property options 24-foot clear heights, dock levelers and bumpers, loading doorways, ESFR and dry sprinklers, exhaust followers, 20 further dock positions and affords 207 parking areas. The constructing is absolutely occupied, with Empire Workplace and Nationwide Packaging Providers on the tenant roster.
The 25.5-acre warehouse is within the Meadowlands submarket, 13 miles from New York Metropolis, 9.4 miles from Newark and has entry to Interstate 95. Newark Liberty Worldwide Airport is 10 miles Southwest of the property. Corporations within the surrounding space embody Goya Meals, FedEx, Equinix Knowledge Middle, Macy’s Logistics and Operations and Union Beer Distributors, amongst others.
Latest industrial leases in New Jersey
New Jersey’s in-place lease for industrial area was up 8.7 p.c year-over-year as of February, with a emptiness charge of two.8 p.c, 110 foundation factors decrease than the nationwide charge, the most recent CommercialEdge report reveals.
Just lately, Hyperlink Logistics inked a full-building lease at its 611,000-square-foot warehouse in South Brunswick, N.J., whereas CenterPoint Properties secured a tenant in a preleasing settlement at its 321,765-square-foot industrial growth, which is scheduled for completion in August 2023.
