Elman declined to name the tenant, which was represented by Thomas Carragher and Dan Foley of Studley. Calls to Carragher were not returned by deadline. Other members of the C&W team were Stan Danzig, Noah Balanoff and Robert Adams, all based in the East Rutherford office of C&W.
Located at 261 River Rd., the building was built in 2004 as the corporate offices and distribution center for EK Success. The previous tenant's lease was expiring, according to Elman.
The facility offers 32,996 square feet of corporate offices, 4,364 square feet of warehouse/office facilities and 193,593 square feet of warehouse/distribution space. Other amenities include: 25 cross-dock tailgates, two drive-in doors, ESFR sprinklers, 2,000 amps of power, roof-mounted heating units and signage visible from Route 3. The property offers immediate access to Route 3 and proximity to Routes 21 and 17, the New Jersey Turnpike and Garden State Parkway.
Elman tells GlobeSt.com that the lease price represents a market-rate transaction, although he declined to give a specific number. A Q2 report from C&W pegs the Passaic County manufacturing rental rate at $3.79 a square foot.The tenant is relocating from locations in Newark, Elizabeth and Secaucus. Elman says that those three sites totaled under 230,000 square feet. "They thought it would be more efficient to operate in one facility."
Elman notes that three other firms were interested in leasing the property. "Tenants are realizing that now is good time to commit to quality real estate at competitive pricing," he says.Elman adds that since the building is only five years old, it's in "great shape," and no concessions were dangled to get the tenant to sign.
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