PARSIPPANY, NJ-The Hampshire Cos. has acquired the 98,904-square-foot industrial/flex building at 2 Cranberry Road here for an undisclosed price. The property is currently operated as an industrial condominium, with four units.
Current tenants include Availl, a subsidiary of Boeing that provides aftermarket supply-chain management services for the aerospace and defense industries; Ingersoll Rand, global producer of tools and systems for air quality and refrigeration; and Padded Wagon, New York’s largest moving company. There is currently 33,000 square feet of space available for lease.
New Jersey’s industrial market has done well this year, with analysts predicting continuing healthy leasing activity. In Colliers International’s second-quarter report, it said: “The industrial market has clearly emerged as the commercial front-runner to lead the state out of its recession.”
“Time is slowly running out” for tenants to negotiate discounts when renewing leases, Colliers’ report noted. Also, about 2 million square feet of new space is under construction in the port areas, in anticipation of increased shipping after the completion of the widening of the Panama Canal next year.
Hampshire’s new facility is located off Route 80 near the I-287 junction, offering easy access to major area highways “making it ideal for a variety of professional and industrial users,” said Kristin Lynn, an investment manager for the company. “The building’s premier space options, which allow for multiple businesses in one location, fit perfectly within our investment strategy,” she said.
Hampshire, which has real estate assets valued at more than $2.5 billion, is based in Morristown.
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