A three way partnership between Woodmont Industrial Companions and Sagard Actual Property has secured a 104,451-square-foot industrial lease at its 210,000-square-foot facility in Monmouth Junction, N.J. Federation Distribution Companies Inc. agreed to occupy the house for 65 months. JLL and Lee & Associates represented the proprietor and tenant, respectively.
Federation joined recycling supplier GDB Worldwide on facility’s tenant roster. The brand new tenant is a 3PL supplier that, with this lease, now has greater than 500,000 sq. ft of house in New Jersey alone.
Woodmont and Sagard wrapped up an in depth, two-phase overhaul on the property this June. Previous to the renovation, the 1973-completed facility spanned 144,451 sq. ft. As a part of the facelift, the house owners constructed a brand new, 65,000-square-foot enlargement, together with new dock doorways, in addition to lighting and fire-safety techniques, amongst different enhancements.
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The 12-acre property is at 461 Ridge Highway, just a little greater than 5 miles away from U.S. Route 1 and Interstate 95, which join Florida and Maine, in addition to lower than 2 miles from New Jersey’s U.S. Route 130.
Woodmont Industrial Companions resulted by way of the three way partnership between Woodmont Properties and the 3PL supplier Romark Logistics. The corporate focuses on buying and growing industrial belongings in port and transportation hall markets.
Final month, Woodmont inked a 30,046-square-foot industrial lease at one other not too long ago renovated warehousing facility in Lyndhurst, N.J. Nemo Tile occupied the house, in keeping with Actual Property NJ.
JLL Senior Managing Director Gary Politi and Senior Affiliate Michael Viera represented Woodmont and Sagard within the leasing negotiations. Lee & Associates Senior Vice President Monica Franco led the proceedings on behalf of Federation Distribution Companies.
New Jersey emptiness climbs amid sturdy leasing exercise
New Jersey industrial leasing quantity grew 19.4 p.c quarter-over-quarter, clocking in at 8.0 million sq. ft within the third quarter, in keeping with a report by Cushman & Wakefield. No larger quarterly determine was registered because the first three months of 2022.
Regardless of sturdy exercise, The Backyard State’s industrial emptiness fee stood at 7.7 p.c in September, a 60-basis level enhance in comparison with June. One of many driving elements behind the rise in availability was the truth that 84 p.c of the brand new industrial house delivered through the quarter got here on-line unoccupied.
RK Pharma’s deal to occupy 406,669 sq. ft at 148 Princeton Hightstown Highway was one other industrial lease that closed through the third quarter, the identical supply exhibits. Ares Administration owns the 574,169-square-foot industrial park, in keeping with CommercialEdge knowledge.
