"Tenants and buyers are in the driver's seat in the Northern New Jersey industrial market, as in other markets and sectors nationwide, forcing landlords to get creative with their marketing and buyer incentives," Vetter tells GlobeSt.com. "Both Malcolm Associates and R.J. Purcell priced their spaces appropriately, which enticed the prospective tenant and purchaser to move forward with these transactions during these trying times."
While the parties involved would not reveal the sale price or rental rates, Cushman & Wakefield lists the average industrial lease price in Bergen County at around $6.50.
While Roberts Street Realty purchased 15,000 square feet in the 56,000-square-foot 10 Malcolm Ave., the rest of the building is open and available for lease, according to NAI Hanson. The facility has undergone recent renovations including a new roof, improved electrical service and resurfaced floors.
At 472 Barell Ave., Priority Express--a provider of courier, delivery, freight, warehousing, records management and shredding services--has leased the entire 39,832-square-foot building for its Northern New Jersey base. The facility features 21-foot ceilings, three tailgates with levelers for loading, 50 parking spaces, and 3,000 amps of electrical service.
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