UNION, NJ-How’s this for an inducement for a quick lease-up? NAI James E. Hanson is offering a full 5% commission to a procuring broker at 1835 Burnet Ave., as Miller Industrial Properties named Hanson exclusive leasing agent for a 50,000-square-foot industrial building, and a 32,000-square-foot sister facility here.
The larger space, called Building #5, will be available in three to four months, once the existing occupant leaves for a larger facility still under construction. The facility has 7,000 square feet allocated for office space, a 16-foot ceiling height, eight tailgates, one drive-in and parking for 60.
“It’s an older building, from the late 1960s or early 1970s,” says NAI Hanson SVP Kenneth D. Lundberg, who is working on the property with associate Russell J. Verducci.
However, the project is a very easy commute from Interstate 78, giving the site easy access to Ports Newark and Elizabeth, as well as Newark Liberty Airport. Hanson is asking $4.50 per square foot for Building 5 and $4.95 per square foot for Building 6, which features 22-foot ceilings, four tailgates, two drive-ins and parking for 20.
The reason for the incentive is more about the overall market than the site – there are a number of properties available in this size range, Lundberg says, though they are being absorbed, slowly. “There’s so much competition,” he says. “The world is absolutely moving in the right direction, but it’s just slow going.”
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