Prologis Signs 115 KSF Tenant at New Jersey Warehouse

1000 New County Road. Image courtesy of CBRE

Prologis has landed a new tenant at 1000 New County Road in Secaucus, N.J. Global Interactive Logistics has signed a 115,000-square-foot long-term lease. The tenant is relocating and expanding its services from 123 Pennsylvania Ave. in Kearny, N.J.

Vice Chairman Jeff Babikian, Senior Vice President Nick Klacik, Executive Vice President Kevin Dudley and Senior Associate Conor Dolan with CBRE represented GIL. CBRE’s Vice Chairman Tom Monahan alongside Executive Vice President Larry Schiffenhaus spearheaded the leasing efforts and assisted the owner in the transaction.

Prologis acquired the 525,224-square-foot building in 1996 from Security Capital Group for $16.3 million, CommercialEdge data shows.

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Completed in 1968, the Class B property features 24-foot clear heights, dock levelers and bumpers, loading doors, ESFR and dry sprinklers, exhaust fans, 20 additional dock positions and offers 207 parking spaces. The building is fully occupied, with Empire Office and National Packaging Services on the tenant roster.

The 25.5-acre warehouse is in the Meadowlands submarket, 13 miles from New York City, 9.4 miles from Newark and has access to Interstate 95. Newark Liberty International Airport is 10 miles Southwest of the property. Companies in the surrounding area include Goya Foods, FedEx, Equinix Data Center, Macy’s Logistics and Operations and Union Beer Distributors, among others.

Recent industrial leases in New Jersey

New Jersey’s in-place rent for industrial space was up 8.7 percent year-over-year as of February, with a vacancy rate of 2.8 percent, 110 basis points lower than the national rate, the latest CommercialEdge report shows.

Recently, Link Logistics inked a full-building lease at its 611,000-square-foot warehouse in South Brunswick, N.J., while CenterPoint Properties secured a tenant in a preleasing agreement at its 321,765-square-foot industrial development, which is scheduled for completion in August 2023.