The deal was brokered for the Wall, NJ-based KOR by Noah Balanoff, Stan Danzig and Jules Nissim of the East Rutherford office of Cushman & Wakefield, along with Steve Tolkach of the Princeton office of Newmark Knight Frank. Frank Caccavo, Jason Goldman and Andrew Siemsen of the Edison office of C&W spoke for Genesis Logistics. Terms of the deal were not released.
The signing is seen as part of a current trend in New Jersey to smaller industrial deals. "The entire New Jersey market has shifted toward smaller industrial requirements, especially in 2008," Balanoff confirms. "KOR had the foresight to position Central Crossings as one of the few opportunities that offers both new construction and smaller units."
Genesis' new location was completed recently on spec, and its space includes 20,000 square feet of cold storage and 3,000 square feet of office space. KOR has full approvals in place and site work completed for a twin, 120,000-square-foot building next door.
"KOR originally planned to build one larger building, but changed its plans after seeing leasing activity at Central Crossings' first building," Balanoff says. That initial building was completed on spec in 2006, and among signed tenants Blue Tulip, Garden State Portable Storage and Frank Wood Transportation, the largest commitment was for just less than 48,000 square feet.
Long-term plans for the 170-acre Central Crossings campus call for upwards of 2.3 million square feet of space. KOR controls about half of that development potential, with Rockefeller Group Development Corp. and IDI splitting the rest.
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