EDISON, NJ-CB Richard Ellis recently brokered a 374,148-square-foot, five-year renewal at 1 Gourmet Ln. here. CBRE’s first vice presidents Scott Belfer and Lou Belfer represented the tenant, e-retailer Newegg.com, while landlord Ron Schram with Morris Cos. repped himself.

“As the market inches toward recovery, we are seeing an influx of potential lessees/buyers who are eager to renew their spaces at the current market prices,” Belfer tells GlobeSt.com. “Newegg.com, which has been located here for the past three years, completed the new agreement with one year left on its lease, as it too wanted to take advantage of today's real estate climate. In the end, Newegg was able to capitalize on the market's rental rates and secure a favorable price over the long-term for the next few years.”

Situated in Edison, the warehouse facility offers 32-foot ceilings and an early suppression fast response cross-dock system with T-5 lighting. Newegg.com is the sole tenant in the building and is utilizing the space as its warehouse/distribution headquarters for the Northeast. “This is the sixth transaction we have completed on behalf of Newegg and we are currently working on others throughout the country,” adds Belfer.