(Read more on the industrial market.)
ELIZABETH, NJ-Matrix Development Group has signed two leases--one a new tenant and the other an expansion by an existing tenant--at its Bayway Industrial Centre here. With the separate signings, Bayway Industrial Centre, which consists of more than one million sf in four stand-alone buildings, has now reached nearly 85% occupancy.
In the larger of the two leases, American Select Distribution Inc. has taken 84,000 sf, representing the site's entire Building D. American Select was represented in-house in the deal. The Cranbury, NJ-based Matrix was represented by VP Patrick Connelly.
In the second signing, JV Transportation has grown its existing 138,000-sf presence at Bayway with a 12,500-sf expansion into the property's Building C. Matrix was again represented in-house by Pat Connelly. JV Transportation was represented by Jason Crimmins, senior director and manager of brokerage services for the Springfield, NJ-based Blau & Berg Co. Terms of the two leases were not released; comparable space in the immediate marketplace is generally being listed with asking prices in the $6-7 per sf range.
"We now have just 180,000 sf of space still available at Bayway Industrial Centre," Connelly says. "We're able to provide tenants with industrial and warehouse facilities in prime locations.
That current 180,000-sf availability is located in Bayway's Building A, which totals 315,000 sf. The four buildings encompassing Bayway sit on 18 acres directly south of the Goethals Bridge on the Arthur Kill connecting this city with Staten Island. The site is less than a mile from Exit 13 of the New Jersey Turnpike, near both Newark Liberty International Airport and the Port Marine Terminal.
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