NAI James E. Hanson, the New Jersey based real estate firm, has brokered a lease for 46,130 s/f of industrial space at 16 Herbert Street in Newark, NJ. Barry Cohorsky, SIOR, and John Koch represented the tenant, Eternity Crystal Logistics, in the transaction.
16 Herbert Street is a 304,000 s/f industrial building near The Port of Newark.
The building’s location makes it ideal for logistics companies seeking to tap into major international distribution channels. As an e-commerce company, Eternity Crystal Logistics recognized that 16 Herbert Street’s prime location would ensure increased efficiency in their operations and position them for continued growth.
“As the ecommerce industry continues to explode, logistics networks are forced to compete for only a handful of industrial spaces that provide easy access to The Port of Newark,” said Cohorsky.
“Unprecedented demand has caused leasing rates for industrial spaces like 16 Herbert to skyrocket, making it difficult for companies to secure space in this favorable location.
“Leveraging our extensive experience in this market, we were able to broker a lease that reflected a fair market value on behalf of Eternity Crystal Logistics.”