In the largest deal, Graybar signed for 136,250 square feet of industrial space at iPort 12, a 1.2-million-square-foot Panattoni development at 8001 Industrial Ave. in Carteret. The facility is adjacent to Exit 12 of the New Jersey Turnpike. and within 10 minutes of Newark International Airport, as well as the Ports of Newark and Elizabeth. Graybar stands to benefit from the site's designation as an Urban Enterprise Zone and Foreign Trade Zone incentives.
In Edison, the firm inked an 8,692-square-foot office deal at 105 Fieldcrest Ave. within Raritan Plaza III, which is owned by the Silverman Group. The 176,000-square-foot building offers quick access to several major thoroughfares in the area, including the Garden State Parkway, New Jersey Turnpike and Interstate-287.
In Garden City, NY, Graybar took 10,814 square feet of office space at 401 Franklin Ave. The 116,908-square-foot building is part of the Engel Burman Group's portfolio.Jonathan Stravitz, director of investment and corporate services at locally based NAI Hanson, represented Graybar in all three deals.
He relates that Graybar scouted more than 50 locations in their two-year search. "Due to the difficult economic times, the deal was put on hold last year," Stravitz says. "Several months later the deal was resurrected because of lower market rents. Graybar exercised extremely good judgment when they decided to move forward during this downturn to take advantage of the economic conditions in the marketplace."
A spokesperson for NAI Hanson tells GlobeSt.com that the firm is not disclosing the rental rates of the deals, or the current occupancy of the buildings. Research from Colliers Houston & Co. found that industrial rents in the Exit 12 submarket stood $6.12 a square foot in Q2.
Nathan M. Demetsky, Lawrence Maister and Paul Torosian of Cushman & Wakefield represented Panattoni in the Carteret transaction. Robert Dinner of Cushman & Wakefield spoke for the Silverman Group at Raritan Plaza III, and Ted Trias and Gus Nuzzolese of Sutton & Edwards Inc. negotiated for the Engel Burman Group in the Garden City lease. Graybar, a Fortune 500 company, is one of the largest employee companies in North America.
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