ELIZABETH, NJ-A recent spate of new and renewed industrial and office leases at Avidan Management properties here and in Edison, NJ, can be attributed to care of both the buildings and tenant relationships, says Josh Avidan, a member of the locally based firm.
Multiple deals totaling more than 31,000 square feet were signed at the 114,000-square-foot 55 Carter Drive in Edison. Other leases were signed at 180 Raritan Center Parkway, and 1201 Corbin Street in Elizabeth. “It really starts with the relationship. You have to have pride and faith that they’re going to do well,” Avidan tells GlobeSt.com. “They don’t want to be treated like they’re a small tenant. I show interest in the space.”
The firm signed the following leases at 55 Carter Drive: Glendale Warehousing and Distribution Corp. signed on for 25,600 square feet of dry warehouse, relocating to a larger space from Avidan’s 742 Old Post Road, also in Edison. New tenant SLT Imports signed an office lease for 2,056 square feet. Current tenant Smartworks will double in size to 1,600 square feet. Centraprise signed for 675 square feet. A new lease has been signed with Adroit Professional Services for 433 square feet. Previous tenant Siri Infosolution is relocating from Avidan’s 180 Raritan Center Parkway in Edison to expand to 1,500 square feet.
Flexibility on length and terms also is key: Normally, a three-year lease is preferred, but some tenants are asking for shorter terms, even as little as six months, he notes.
And sometimes Avidan wants a shorter term. Solar Nation, a photovoltaic solar company serving North America, signed a one-year term lease renewal for 2,077 square feet of office space. The company, which worked on Avidan’s solar installations wanted to renew for two years, but Avidan chose a shorter term so the company could be relocated for a different configuration. “It’s a lot of musical chairs,” he says.
Other deals in the area include: BFL Investments signing a new 3,160-square-foot lease at 45 Brunswick Avenue, a 331,936-square-foot warehouse and office complex; Broadrange Technologies committing to 525 square feet of office space at 180 Raritan Center Parkway; and Prima Group renewing a 432-square-foot office lease at 180 Raritan Center Parkway. Rents in the Edison buildings range from $14 per square foot to $16 per square foot.
Leases signed at 1201 Corbin Street in Elizabeth include a renewal by the US Department of Agriculture and U.S. Customs and Border Protection’s 10,874 square feet. “This is a great location for them,” he says.
Other deals at 1201 Corbin include: ATI USA, an international auto transport company, for 3,284 square feet of office space for three years; the US Food and Drug Administration for 3,020 square feet; Jumbo Transport International, a customs broker and freight forwarder, for 1,495 square feet; and New York SMSA, doing business as Verizon Wireless, a rooftop tenant, for five years.
In addition, Oceania LLC relocated to a 586-square-foot office space, and Falrmrin Deli, LLC, the new owner of Seaport Coffee Shop, signed a 2,250-square-foot lease. Rents in Elizabeth average around $25 per square foot. “I did a lot of homework on Edison,” Avidan says. “There’s a lot of available office space. Brokers come to my buildings and try to steal my tenants. I try to bring it to a more personal level than just business.”
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