Trammell Crow Signs 342 KSF Tenant at New Jersey Logistics Center
This 1 million-square-foot campus came online earlier this year.
Trammell Crow Co. has signed a full-building lease at Arsenal Trade Center, a 1 million-square-foot logistics center in Sayreville, N.J.
JW Fulfillment Inc., a China-based wholesale distribution company, leased the 342,371-square-foot Building 2 at 99 Callahan Blvd. CBRE assisted the owner, while Cushman & Wakefield represented the tenant.
JW Fulfillment has operations in the U.S. (with locations in the Los Angeles, Dallas and Atlanta metros, as well as New Jersey), Canada, the United Kingdom and Germany. Its clients include Amazon, Walmart, Wayfair and eBay.
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Arsenal Trade Center came online earlier this year. TCC developed the campus in partnership with CBRE Investment Management, on behalf of a fund the firm manages. The joint venture acquired the 74-acre site in 2022.
The Arsenal name, a Trammell Crow spokesperson told Commercial Property Executive, comes from the fact that Hercules Inc., a munitions manufacturer, previously owned the land.
Buildings 1 and 3, of 285,000 and 451,602 square feet, respectively, remain currently unleased at Arsenal, with availabilities starting at 80,000 square feet. The LEED Gold-certified property features 40-foot clear ceilings, above-standard car and truck parking and a 30-year PILOT (payment in lieu of taxes) in place.
The CBRE team of Tom Monahan, Larry Schiffenhaus and Brian Golden handle Arsenal Trade Center’s marketing and leasing. Charles Fern and Jimo Liu of Cushman & Wakefield represented the tenant in lease negotiations.
Slow start for New Jersey’s industrial market
New Jersey’s industrial market is holding relatively steady, with an average triple-net asking rent of $16.12, according to a first-quarter report from Avison Young. Leasing activity this year is off to a slow start, however, with 4.9 million square feet versus an historical first-quarter average of nearly 11 million square feet.
New construction is outpacing demand, to the point that nine industrial buildings of 100,000 square feet or larger delivered and all nine delivered empty. About a quarter of the 17.1 million square feet currently underway is preleased, the report shows.
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