MOUNT OLIVE, NJ-Bosal USA, the auto parts maker and distributor, has taken a 103,000-square-foot, 10-year lease at 200 International Drive at the International Trade Center here.
The deal is the latest in “a complete turnaround” of the New Jersey Foreign-Trade Zone, says Robert Adams of Cushman & Wakefield, which represented the tenant in negotiations with landlord Mount Olive Industrial Realty Company, LLC, an entity owned by institutional investors advised by JP Morgan Asset Management.
“The Trade Zone last year was 46% vacant – 1.3 million square feet was vacant. Now there is just 200,000 square feet to 250,000 square feet available,” said Adams. Also part of the C&W team were Stan Danzig, Jules Nissim, Steve Elman, and Cathy Bounczek of the East Rutherford, NJ office.
The 217,548-square-foot 200 International Drive is situated within the International Trade Center's 300-acre New Jersey Foreign-Trade Zone, which contains 2.2 million square feet of warehouse/distribution and light industrial space. The International Trade Center is a 684-acre development encompassing office, industrial, retail, and hotel properties.
Adams declined to reveal the rent on the new lease. Asking rents for the International Trade Center range from $4.95 per square foot to $11 per square foot, according to LoopNet.
Ypsilanti, MI-based Bosal USA, the North American operation of Lummen, Belgium-based Bosal Group, is relocating from its 70,000-square-foot location in Whippany.
Bosal was looking for a larger, more modern building in keeping with its image and with direct access to Interstate 80, while staying in the same general area to retain its long time employees. “We physically looked at a handful of properties, though on paper we gave consideration to 10 or 12,” Adams says.
Other than building 6,000 square feet of office space, Bosal will not need to do any other work, he adds. It will move to its new location in October.
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