The lease boosts the San Diego-based Petco's distribution capacity in the Northeast region. The company already leases 300,000 sf within the 528,000-sf W/D building at 24 Englehard Dr. in nearby Monroe, a space it took in early 2003. That lease was signed with Matrix Development Group, which subsequently sold that asset to TA Associates.
In the latest signing, the Edison-based Adler Development was represented in-house by partner and principal Joshua Adler. Seth Dudley, EVP and director in the W. Los Angeles office of Studley, represented the tenant. Terms were not released.
"Petco looked at a number of comparable properties in the New Jersey Turnpike Exit 8A submarket, but leased at 1250 South River Rd. because it's a quality property that not only met their space needs and ceiling height requirements, but also offered proximity to their facility in Monroe and major roadways serving the Northeast and mid-Atlantic," Dudley says. "Our client also found Adler Development to be a cooperative and creative landlord, and they have been very responsive to Petco's needs throughout the leasing process."
Adler Development has made several property enhancements leading to Petco's occupancy, according to Dudley. They've included upgrades to the lighting and power sources tied to the company's racking and materials handling systems.
"We still own and manage the first property we ever developed," Adler says. "We've developed long-term relationships within the industry and among our tenants by adopting this long-term view and being flexible and hands-on in meeting their needs."
Petco's new location sits on more than 15 acres at the corner of South River and Prospect Plains roads, less than a mile from Exit 8A. Built in 2001, it features 32-foot ceiling heights.
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
Already have an account? Sign In Now
*May exclude premium content© 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.
