JERSEY CITY, NJ–In another sign of a strengthening market for industrial real estate, CBRE has leased a 97,453-square-foot facility at RREEF's park here after only a month of vacancy.
CBRE's Matthew Corpuel represented the tenant, Premier Motor Lines, while CBRE's William Waxman, Mindy Lissner and Nicholas Nitti represented the landlord, RREEF Management in the lease of 2 Colony Road.
Premier Motor Lines is a third-party warehousing and logistics company that provides food grade warehousing, brokerage, and private fleet service to New York, New Jersey, New England and Eastern Pennsylvania. The business is relocating from 397 E 54thStreet in Elmwood Park.
“We were able to lease the building within a month of vacancy,” Corpuel tells GlobeSt.com. “That really speaks to the strength of the port-area industrial market.” The previous tenant went out of business, he says.
Premier Motor Lines was particularly attracted to the site because it is connected to rail lines, and part of the company's business involves shipping food – primarily rice and beans – via rail, says Corpuel.
“The Bergen County and Hudson County markets are very mature,” he says, “which means the buildings are generally older. There is a shortage of buildings on the market with ceilings over 20 feet, adequate truck parking and a rail connection.”
The Colony Road facility was built in 1976, but has 24-foot ceilings, 40 trailer parking spaces and has been well-maintained, adds Corpuel. It is part of a 262,000-square-foot facility on an 11.48-acre tract.
RREEF's 2 million-square-foot industrial park is located off Exit 14A of the New Jersey Turnpike. Corpuel says that two additional 100,000-square-foot spaces will be available there in coming months.
The site has quick access to Route 78, Newark Liberty International Airport, and the Ports of Newark and Elizabeth.
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