(Mark your calendars for New Jersey Opportunities, part of the RealShareBreakfast Series, June 5 .)
BAYONNE, NJ-Avidan Management has retained large-scale tenant RPM Warehouse as a tenant in Bayonne, with a renewed lease for 304,000 square feet at 99 Hook Road. Avidan is set to begin upgrades at the property to create two new access points.
The lease transaction leaves just two large-scale availabilities in Avidan's portfolio. The company is currently marketing a 242,000-square-foot distribution facility at 145 Talmadge Road and a 230,000-square-foot space at 742 Old Post Road in Edison.
The Bayonne leasing provides some more ammunition in the “battle” by northern New Jersey’s industrial market to keep up with central Jersey’s market, described by CB Richard Ellis in its first-quarter report.
“The gap in market performance between northern New Jersey and central New Jersey is quite measurable,” according to CBRE. “Central New Jersey’s absorption, which amounted to 1.83 million square feet in the first quarter, continues to outperform northern New Jersey, which saw negative absorption of 1.08 million sq. ft.” The vacancy rate dropped for a second straight quarter overall in New Jersey, but only slightly to 10.4 percent.
CBRE has expressed only “cautious optimism” about the overall industrial market.
"We're extremely pleased that RPM Warehouse has made the decision to remain at our Bayonne facility," said Avi Avidan of Avidan Management. "As one of the most active and well-established warehousing and transportation companies operating in the port area, RPM is exactly the type of high-quality tenant that we value."
The 500,000-square-foot facility on Hook Road is located just minutes from the New Jersey Turnpike, Holland Tunnel, Bayonne Bridge, Staten Island and Brooklyn. It is within walking distance of the Hudson-Bergen Light Rail station.
The building has 24-foot ceiling heights, 50 exterior doors with dock levelers, 10 rail doors and secured parking.
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