The team is marketing the structure to tenants with full-building requirements. "This property is ideal for any warehouse user seeking port and New Jersey Turnpike proximity," Elman tells GlobeSt.com. "The building sits less 3.5 miles from Exit 13 and also provides the potential for rail access."
55 Wildcat Way was designed with 36-foot clear ceilings, 50 cross-docked tailgates and two drive-ins. "This speculative building offers true class A accommodations," Balanoff adds.
According to Elman, early interest in 55 Wildcat Way reflects stepped-up leasing demand in the port region, particularly for mid-size warehouse/distribution requirements.
"During the third quarter, we saw a steady increase in demand for requirements of less than 500,000 square feet, as companies again are beginning to make forward-looking real estate decisions based on efficiency both in space and location," he says. "Within this context, 55 Wildcat Way is well positioned competitively."
In other C&W news, the firm's Jon Williams represented CherryRoad Technologies Inc. in its multi-year, 18,000-square-foot lease at Powder Mill Plaza III in Parsippany. The tenant recently relocated from another local site to the property at 301 Gibraltar Dr.
Cushman & Wakefield's Josh Cohen serves as exclusive leasing agent for Powder Mill Plaza III, which is owned by Powder Mill Management. Both Williams and Cohen are based at the firm's Morristown office and declined to give rental rates, however, market reports place Parsippany rates around $23 a square foot.
This transaction, from start to finish, took less than four months. "The ownership at Powder Mill Plaza did everything in their ability to accommodate the client's tight timeframe," says Williams, who has worked for several years with CherryRoad. "This high level of responsiveness was a key draw in the site selection process."
Cushman & Wakefield has served as exclusive office leasing agent for Powder Mill Plaza, a mixed-use office and retail complex, since 2005. The property includes 200,000 square feet of corporate accommodations off Route 10, as well as an adjacent 185,000-square-foot retail component. The firm is currently marketing spaces from 4,000 square feet at Powder Mill Plaza III.
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