HAMILTON, NJ-Chicago-based IndCor reports completing six recent industrial leases in New Jersey and Pennsylvania that total over 2 million square feet.
In New Jersey IndCor signed lease deals for:
- 396,501 square feet lease with Dynamic Marketing Inc. in Hamilton, the largest recent industrial lease in New Jersey
- 154,096 square feet with Amware Logistic Services of NJ in Cranbury, and
- 111,963 square foot lease with Graze Inc. in Jersey City.
In Pennsylvania, IndCor completed transactions for:
- 500,000 square feet with Ozburn-Hessey Logistics at 80 South Middlesex Rd., in Carlisle
- 203,704 square feet with BMS Logistics in Allentown, and
- 650,761 square feet with Schneider Electric Corporation in Middletown.
The industrial market has beenvery strong in the mid-Atlantic area, particularly in New Jersey where tenants have leased 15.9 million square feet of space year-to-date, up 10.5% year over year, by Cushman & WAkefield's report.
"Fourteen leases in excess of 100,000 square feet closed during the third quarter," Brennan noted. "As a result, Nort
The recent IndCor leasing activity was brokered by various agents. In Pennsylvania they included Gerry Blinebury of Cushman & Wakefield representing the landlord in the Ozburn- Hessey Logistics deal; Mike Zerbe of Colliers International representing the landlord at BMS Logistics; John Van Buskirk of Jones Lang LaSalle representing the landlord in the Schneider Electric Corporation deal, and Mike Hess of CBRE Inc. acting as broker for the tenant.
In New Jersey, brokers included: Mindy Lissner and Bill Waxman of CBRE Inc. and Ken Lundberg and Barry Cohorsky of NAI James Hanson in the Dynamic Marketing Inc. deal, representing the landlord and the tenant respectively; Noah Balanoff and Tom Monhan of CBRE Inc. representing the landlord, and Chuck Fern of Cassidy Turley representing the tenant in the Amware transaction; and NAI Hanson's Lundberg and Cohorsky representing the tenant amd Marc Petrella of Cushman & Wakefield as the landlord broker for the Graze Inc. transaction.
"The exceptional leasing activity we are experiencing in Pennsylvania and New Jersey is evidence of the value of these properties and the continued improvement of leasing fundamentals in these core markets," says Tim Beaudin, president and CEO of IndCor.
IndCor owns and manages over 100 million square feet in over 40 key logistics markets in 24 states. The company was formed in 2010 as a portfolio company of The Blackstone Group.
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