Woodmont and Sagard Ink 104 KSF New Jersey Industrial Lease
A 3PL company agreed to occupy the space for 65 months.
A joint venture between Woodmont Industrial Partners and Sagard Real Estate has secured a 104,451-square-foot industrial lease at its 210,000-square-foot facility in Monmouth Junction, N.J. Federation Distribution Services Inc. agreed to occupy the space for 65 months. JLL and Lee & Associates represented the owner and tenant, respectively.
Federation joined recycling provider GDB International on facility’s tenant roster. The new tenant is a 3PL provider that, with this lease, now has more than 500,000 square feet of space in New Jersey alone.
Woodmont and Sagard wrapped up an extensive, two-phase overhaul on the property this June. Prior to the renovation, the 1973-completed facility spanned 144,451 square feet. As part of the facelift, the owners constructed a new, 65,000-square-foot expansion, along with new dock doors, as well as lighting and fire-safety systems, among other improvements.
READ ALSO: Industrial Demand Slips, But Avoids a Slump
The 12-acre property is at 461 Ridge Road, a little more than 5 miles away from U.S. Route 1 and Interstate 95, which connect Florida and Maine, as well as less than 2 miles from New Jersey’s U.S. Route 130.
Woodmont Industrial Partners resulted through the joint venture between Woodmont Properties and the 3PL provider Romark Logistics. The company focuses on acquiring and developing industrial assets in port and transportation corridor markets.
Last month, Woodmont inked a 30,046-square-foot industrial lease at another recently renovated warehousing facility in Lyndhurst, N.J. Nemo Tile occupied the space, according to Real Estate NJ.
JLL Senior Managing Director Gary Politi and Senior Associate Michael Viera represented Woodmont and Sagard in the leasing negotiations. Lee & Associates Senior Vice President Monica Franco led the proceedings on behalf of Federation Distribution Services.
New Jersey vacancy climbs amid strong leasing activity
New Jersey industrial leasing volume grew 19.4 percent quarter-over-quarter, clocking in at 8.0 million square feet in the third quarter, according to a report by Cushman & Wakefield. No higher quarterly figure was registered since the first three months of 2022.
Despite robust activity, The Garden State’s industrial vacancy rate stood at 7.7 percent in September, a 60-basis point increase compared to June. One of the driving factors behind the rise in availability was the fact that 84 percent of the new industrial space delivered during the quarter came online unoccupied.
RK Pharma’s deal to occupy 406,669 square feet at 148 Princeton Hightstown Road was another industrial lease that closed during the third quarter, the same source shows. Ares Management owns the 574,169-square-foot industrial park, according to CommercialEdge data.
You must be logged in to post a comment.