A recent report from Colliers Houston & Co. pegged the Central New Jersey average industrial asking rent at $4.97 per square foot. David Zimmel, president of Zimmel Associates, represented both the tenant and the landlord in the deal.
He confirms to GlobeSt.com that the 32,500-square-foot warehouse building is 100% leased. Advance Telecom has been in the building since 2002, and prior to that, the company had been a longtime tenant in a Denholtz property in East Brunswick. "We've had a long-term relationship with them," Hurlbut says.
The lease renewal took about five months to complete, Hurlbut states. "The tenant's business is changing and they weren't sure what type of space they needed," she says. "They were deciding on what they wanted to do. With the economy, everybody is taking much longer to make decisions because they don't knows where everything is going. Advance is a long-standing tenant, which helped us. They were comfortable in our building, and didn't want to relocate." She adds that the renewal included no additional space.
From Denholtz's perspective, keeping an existing tenant is paramount. "Our mantra for the past year-and-a-half is to renew as much as we can," Hurlbut says. "New tenants are nervous about moving, so yes, we've definitely taken a strong look at all of our existing tenants, trying to get them to renew."
Located in Piscataway Corporate Center, 141 Ethel Rd. West is a multi-tenant, flex building designed for offices, high-tech and distribution. Situated between Route 1 and Interstate 287, the property is close to Rutgers University and the Edison Train Station. It features flex units with 22-foot-high ceilings, tailboard doors wide bays and ample parking.
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