SADDLE BROOK, NJ – CBRE Group has closed two industrial lease transactions of more than 400,000 square-feet each for Home Depot and Ferguson Enterprises. CBRE EVPs Mindy Lissner and William Waxman led each transaction team.
“As evidenced by these two large deals in the sector, home building and home improvement are on the upswing, particularly in New Jersey,” says Waxman. “This echoes the national trend in increased construction spending, which marks an economic uptick steered by the residential market. The expansion of Home Depot and Ferguson's operations in the state shows a clear sign of improvement for the real estate industry and for the economy overall.”
For Home Depot, Lissner, Waxman and CBRE Atlanta's Tony Kepano secured 467,987 square feet of space at 100 Riverside Drive in the Keasbey section of Woodbridge, NJ. On behalf of Ferguson Enterprises, CBRE secured 449,981 sq. ft. of space at 50 Meadowlands Parkway in Secaucus, NJ.
Ferguson Enterprises, a plumbing and building supplier for kitchens, bathrooms and lighting, signed a 10-year deal at 50 Meadowlands Parkway with six months of free rent and two options to expand. The company will use its new location as a warehouse and distribution center. 50 Meadowlands Parkway was chosen for its close proximity to New York, and regional access to suppliers and showrooms. The property was also one of the few available NJ industrial spaces that met Ferguson's large space requirement.
Hartz Mountain Industries, the owner of 50 Meadowlands Parkway, plans to upgrade the facility with ESFR sprinklers, expanded loading capabilities, 32-foot clear ceilings and T5-lighting.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
