Mid Atlantic Real Estate Journal — Brokerage Directory — July 31 - August 13, 2015 — 7C
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nventory remains tight and demand continues to increase for quality New Transwestern’s Second-Quarter 2015 Industrial Market Report Activity heats up in tertiary NJ markets with port access as overall market tightens I • Asking rents are virtually unchanged at $5.73 for the quarter – an improvement from $5.68 year-over-year industrial market recorded positive net absorption
could see tenants in place even before construction is complete,” said Alex Previdi, managing director at Tran- swestern. “Producteast of I-287 is extremely hot right now, with the highest activ- ity in the Meadowlands, the ports and central New Jersey submarkets along the New Jersey Turnpike.” • Vacancy rates for existing product are holding strong at 7.5%, improved from 8.0% in second-quarter 2014, with an additional 2.8 million s/f of space currently under con- struction
swestern research director Matthew Dolly. “Similar to the office market, industrial inventory is not immune to being upgraded to fit the new standards of today’s big-box users. For example, Amazon – which signed the largest lease in New Jersey during the quarter – andWalmart are demanding ceilings as high as 40 feet throughout the coun- try. We anticipate third-party logistics providers will follow the lead of these Fortune 100 companies, further adding to the demand for distribution centers.” n
• While land for industrial development remains scarce, several sites are primed for mixed-use development, in- cluding the 1 million s/f former Congoleum Corp. site in Ham- ilton Township • The former Tuscan Dairy site is also being demolished and will be transformed into a state-of-the-art distribution center slated for completion later this year. “The redevelopment of aging inventory will only improve occupancy rates,” said Tran-
Jersey indus- trial space, according to Transwest- e r n ’ s Se c - ond-Quarter 2015 Indus- trial Market report. As a result, in-
• The Turnpike submarkets in central New Jersey continue to attract big-box users while the Meadowlands submarket has strengthened with leas- ing activity by tenants in the 150,000- to 250,000 s/f range • Throughout New Jer- sey, more than 7.3 million s/f was absorbed year-over-year, marking the second-highest 12-month total since fourth- quarter 2008 and the ninth consecutive quarter that the
Alex Previdi
dustrial properties east of Interstate 287 are experienc- ing a surge of activity, with an intensified interest in outer regions with accessibility to the port markets. “We expect that potential redevelopment properties NAI CIR’s Alderman and Kranz handle 23,850 s/f sale
8 Mooredale Rd. DICKINSON TWP., PA — High Peak Tent Rental LLC has relocated its business to a 23,850 s/f warehouse at 8 Mooredale Rd., Dickinson Twp. Daniel Alderman and Nathan Kranz , both of NAI CIR , represented Christopher and Tanya Farrisi, property owner, and Pamela Fisher and Mike Diehl of Berkshire HathawayHomesales repre- sented High Peak Tent Rental. M&J Investment Partners has purchased 18,742 s/f of re- tail space at 2030 Bendigo St., Tower City. Nikolas Sgagias of NAI CIR represented Mid Penn Bank, the property owner. 308 Investments, LLC has purchased a 2,750 s/f apart- ment building with first floor retail space at 14-16 South Market St., Mechanicsburg. Ida McMurray of NAI CIR represented D & B Hold- ings, the property owner, and Jeremy Scott of Howard Hanna represented 308 In- vestments, LLC. Arrow Land Solutions, LLC has leased 1,300 s/f of office space at 2408 B Park Dr., Susquehanna Twp. The Bill Gladstone Group of NAI CIR represented the property owner and Sean Fitzsimmons of Landmark Commercial Re- alty represented Arrow Land n
287,000 SF 1,300,000 SF TO NJ TPKE EXIT 8A NEW CONSTRUCTION
Lease with the
Market Leader
Heller Industrial Parks - 205 Mill Road, Edison NJ 08837 (732) 287-4880
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