PISCATAWAY, NJ—Demand for industrial space is keeping vacancies at lease ends short or nonexistent in the northern and central New Jersey markets. Shoe wholesaler R&J Warehouse has signed a 103,350-square-foot, full-building lease at Rutgers Industrial Center in Piscataway to replace a current tenant immediately after that lease expires.
R&J Warehouse's new space in 140 Circle Drive North represents an expansion of the New York-based company's operations, according to Robert Carson, Levin Management Corporation's executive vice president. Levin is the asset manager for the five-building, 535,000-square-foot industrial/warehouse complex.
“The company will assume tenancy of the single-story building in late summer – immediately after the current tenant's lease expires,” Carson says. “The fact that the building will experience no period of vacancy reflects current market fundamentals. The industrial/warehouse sector is performing extremely well, and this lease clearly demonstrates sustained demand for quality space in Northern and Central New Jersey.”
Rutgers Industrial Centers' prime location and superior highway access drove R&J Warehouse's interest in the 140 Circle Drive North lease opportunity, Carson says.
The property is in the heart of Middlesex County, easily accessible to I-287 and just five miles from Exit 10 of the New Jersey Turnpike. Commuter rail service, Newark Liberty International Airport, New York City and New Jersey seaports are all nearby.
The R&J Warehouse transaction is the third new lease signing at Rutgers Industrial Center in the last 18 months, LMC says. Chuck Fern of Cushman & Wakefield served as landlord broker in negotiating the transaction.
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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].
