6C — May 25 - June 7, 2018 — Industrial / Distribution Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
I ndustrial R eal E state & D istribution C enters By Alessandro Conte, The Blau & Berg Company New Jersey Economic Development Administration Incentives
T
he rising cost of com- mercial real estate throughout the nation
been fleeing high cost states in search of lower real estate prices and better labor, but now it seems the playing field is has been leveled nationally. Governments are stepping in to assist these businesses by providing financial incentives through their respective Eco- nomic Development Authori- ties. The NJEDA has provided assistance from small to large, and most notably a $7 billion incentive to land the Amazon HQ2 has been put on the table. The new headquarters is said to be a $5 billion campus with an estimated 50,000 jobs. With
the potential economic impact this would create, the state is willing to go above and be- yond the current “Grow NJ” and “BRRAG” tax incentive programs. Take a quick glance at the NJEDA website and you will see a list of financing programs and incentives geared towards small and mid-sized busi- nesses, large businesses and development, manufacturing, technology and life science, as well as energy and not-for- profits. These programs have been set in place not only for job creation but also for job
retention. As we continue on this ex- pansion period of the real estate cycle, we are finding businesses relying more and more on these EDA incen-
tives to grow and sustain their businesses where they would otherwise contract. Alessandro Conte is exec- utive vice president of The Blau & Berg Company.
has made it very difficult for business- es to survive for some time n o w . A d d t o that in- creased labor costs due to t h e un em-
JLL & The Blau & Berg Co. ink 369,000 s/f lease at 83 Stults Road in Dayton, NJ
Dayton, NJ — JLL has completed a new transaction for owners Accordia Realty Ventures LLC and EverWest Real Estate Investors LLC at 83 Stults Rd. in Dayton, with One Stop Logistics LLC. The logistics company signed a lease
Alessandro Conte
ployment rate dropping to 3.9%, which is a low that has not been seen since 2000, and businesses are scrambling for ways to make money. Businesses have
83 Stults Rd.
for the entire 369,000 s/f distri- bution and warehouse facility. Accordia Realty and Ever- West Real Estate were rep- resented by Brian Golden , executive vice president, with JLL . He worked closely with Joe Romano , principal, at Ac- cordia Realty and with Krystal Arceneaux , head of asset management, at EverWest Real Estate . The tenant was represented by Brian DiPinto , director, with The Blau & Berg Co. “One Stop Logistics was look- ing for a large, well-located distribution facility within New Jersey’s thriving Exit 8A indus- trial submarket,” said Golden. “The logistics firm found an ideal location at 83 Stults Rd., which offered direct access to the New Jersey Turnpike.” One Stop Logistics inked a 10- year lease for the entire 369,000 s/f 83 Stults Rd. distribution and warehouse facility, which was constructed in 1974. The building includes 20,382 s/f of office space on 34 acres within a corporate park setting. The facility offers a 24-foot clear ceiling height and 24 in- terior loading doors, with cross dock loading. It also includes 150 car parking spaces and 100 trailer spaces, with room to expand the number of spaces for each. Accordia Realty and Ever- West Real Estate acquired 83 Stults Rd. and an additional 20 acres of land from Hermann’s Services in February 2017. The firms signed a sale-leaseback with the logistics/distribution company, allowing Hermann’s to continue to occupy the prop- erty for one year. JLL repre- sented Accordia Realty and EverWest Real Estate in both the initial sale and the sale- leaseback.
INDUSTRIAL OFFICE RETAIL LAND
Specialists in port-related industries emphasizing transportation and logistics. Over 5M SF and 70 acres leased or sold in 2017.
Global reach. Local expertise.
B B
The Blau & Berg Company
Founded in 1932, The Blau & Berg Company holds a leading position in the New Jersey and Tri-State commercial real estate market. We are an independent, full-service commercial real estate brokerage firm providing services in the industrial, retail and office spaces.
SHORT HILLS, NJ | WWW.BLAUBERG.COM | 973.379.6644
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