The largest deal involved Market Resource Packaging LLC taking 232,886 square feet at 260 Prospect Plains Rd. The company is said to be one of the largest in the contract packing industry. Built in 2005, the property features 40 trailer spaces, a Foreign Trade Zone designation and signage opportunities. The property is now fully occupied.At 1265 S. River Rd., Menlo Logistics Inc. renewed its lease for 101,515 square feet. The company specializes in the integration of all functions across the supply chain, from sourcing of raw materials, through product manufacturing to the distribution of finished goods.
Currently, the building offers units of 111,987 square feet and 127,963 square feet for lease, which can be combined to create a space of 239,950 square feet. Situated on more than 25 acres, building amenities include metal halide lighting, ESFR sprinkler systems, 52-foot by 42.5-foot column spacing and on-site parking.
In addition, Papa John's Food Service Inc. signed a long-term agreement for 58,627 square feet at 1267 S. River Rd. With this transaction, the property is now 100% leased.These just-concluded transactions come on the heels of flooring company Shaw Industries Inc. renewing for 161,000 square feet and Kamino International Transport Inc., a logistics enterprise, leasing 60,462 square feet, also at 1267 S. River Rd.
Adjacent to the New Jersey Turnpike, the South River Road Park properties provide access to major metropolitan areas including New York, Boston, Philadelphia and Washington DC. The leasing team included JRT founder and president Jodi Pulice and EVP Greg Smith, along with Frank Caccavo, Jason Goldman, Andrew Siemsen and Glenn Talavera from Cushman & Wakefield.
The companies did not return inquiries to GlobeSt.com by deadline, however according to Colliers Houston & Co. Q2 report, average asking rental rates in the 8A submarket now stand a $4.53 a square foot. The region has an industrial vacancy rate of 20.3%.
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