www.marejournal.com Mid Atlantic Real Estate Journal — Industrial / Distribution Centers — May 25 - June 7, 2012 — 17B I NDUSTRIAL R EAL E STATE & D ISTRIBUTION C ENTERS Merin, Bernhaut, Gabriel & Zimmel rep the seller in $15.85m sale of 75 Commerce Drive NJ’s strong, steady fundamentals bode well, with increased activity expected E AST RUTHERFORD, NJ – With the excep- tion of office leasing in
in vacancy.” The direct average asking rental rate for industrial re- mained steady since end of 2011 at $5.62 per s/f. “Direct asking rental rates this year should hold as vacancy slowly drops,” Medina said. “Looking ahead, Central New Jersey’s vacancy rate is expected to decrease more quickly than in the northern counties. The virtually non-existent supply of ‘big box’ in that market and high demand for the same will shape developer and investor decisions.” In other news, Cushman & Wakefield’s Metropolitan Area
Capital Markets Group (CMG) has orchestrated the $15.85 million sale of 75 Commerce Drive, a 114,206 s/f high-tech/ flex industrial facility within Allendale Corporate Center. The seller was represented by the CMG team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel in East Rutherford, NJ, and Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of the firm’s Edison, N.J. office. The buyer was a joint venture between Loeb Partners Realty LLC led by Nick Rizzo and Red Pine Capital Partners led by Michael K. Federman. ■
Central New Je r s ey, the Garden State c omme r c i a l market expe- rienced a slow start to 2012, according to Cushman & Wa k e f i e l d , Inc. The com-
Gualberto Medina
mercial real estate services firm’s first quarter office and industrial research findings indicate that while tenant and investment activity remains modest, market fundamentals are steady and showing signs of slow improvement, accord- ing to Gualberto “Gil” Medina, New Jersey executive managing director. INDUSTRIAL RECAP Nearly 4.6 million s/f in indus- trial leasing in Northern and Central New Jersey represent- ed an 18.8 percent year-over- year decrease. Still, a number of notable transactions closed, particularly in the central coun- ties. Among them, pet supply retailer Petco leased 781,300 s/f at 257 Prospect Plains Road in Cranbury. In Robbinsville, com- puter and electronics retailer Systemax committed to 500,102 s/f at 24 Applegate Drive. Investment activity involv- ing existing industrial product totaled 1.6 million s/f during the first quarter, representing a 44.4 percent drop in year- over-year volume. The largest sale involved Heller Industrial Park’s acquisition of 1 Heller Park Lane (323,985 s/f) in Som- erset for $11.1 million. In Tean- eck, electrical contractor Grant Electric purchased 411 Alfred Avenue (184,000 s/f) for $6.2 million, while in North Bergen skin care manufacturer Der- maRite Industries purchased 7777West SideAvenue (126,618 s/f) for $7.87 million. Statewide, the industrial vacancy rate increased by 0.2 percentage points during the first quarter of 2012, for an overall rate of 9.8 percent. “This slight increase was due to sev- eral large blocks of space, which entered the market in Northern New Jersey and negatively impacted absorption,” Medina said. “For context, Central New Jersey, where rates are more competitive because of the added distance to Port and NYC in-roads, experienced a 0.2 percentage point decrease
75 Commerce Drive
Metropolitan Area Capital Markets Group
Over $290 Million of Investment Sales to Date in 2012
111 COKESBURY ROAD 729,000 SF JV ADVISORY INDUSTRIAL BUILDING PURCHASE CLINTON, NJ
100 SCIPARK BLVD. 66,000 SF
SALE OF SINGLE-TENANT OFFICE AND LAB BUILDING EAST WINDSOR, NJ
75 COMMERCE DRIVE 114,000 SF SALE OF MULTI-TENANT
65 CLYDE ROAD 159,000 SF
SALE OF MULTI-TENANT WAREHOUSE BUILDING SOMERSET, NJ
FLEX BUILDING ALLENDALE, NJ
60 INDUSTRIAL PARK DR. 719,000 SF SALE OF SINGLE-TENANT DISTRIBUTION FACILITY MILTON, PA
18 HERROD BLVD. 305,000 SF
SALE OF SINGLE-TENANT DISTRIBUTION FACILITY SOUTH BRUNSWICK, NJ
Andrew J. Merin, Vice Chairman 201-460-3358 David W. Bernhaut, Vice Chairman 201-460-3356 H. Gary Gabriel, Exec. Vice President 201-460-3352 Brian J. Whitmer, Senior Director 201-508-5209
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