At 220 Evans Way, a 69,700-sf one-story building, warehouse storage company Pack-Rat Inc. has signed a five-year lease for 38,000 sf. The space had been listed with an asking price of $6 per sf, and the lease carries an aggregate value of $1.1 million, which factors out to that asking price. CBC broker John Adams represented landlord 220 Evans Way LLC; the tenant was represented by Connor Faught of the Washington, DC office of GVA Advantis.

And at the nearby 211 Evans Way, Pedowitz Machinery Movers of NJ has signed two separate leases that effectively fill the 72,500-sf building. The first is a seven-year deal for 36,090 sf that aggregates to $1.5 million, which factors out to approximately $5.9 per sf. CBC Feist & Feist's Adams represented both the tenant and landlord 211 Evans Way LLC.

And in Pedowitz's second, separate lease at the same building, the company has taken 34,450 sf, again for seven years, with an aggregate value of just more than $1.3 million, which computes to $5.39 per sf. Adams again orchestrated the deal for both sides.

The signings come in the wake of a recent building sale negotiated by Adams, also in Branchburg. In that case, the 77,000-sf industrial building at 47 Readington Rd. was sold by Southern Wine & Spirit of America to Hampshire Global Partners LLC for $4.3 million or about $56 per sf. Adams represented the seller, and Thomas Monahan of Colliers Houston & Co. represented the buyer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.