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Deals & Dealmakers

Flooring distributor adds 35,000 s/f at Key Properties building

Third-generation flooring specialties distributor Michael Halebian & Co. has expanded its space at 700 Gotham Parkway in Carlstadt, taking on an additional 35,000 s/f.

Key Properties LLC owns the 80,000 s/f Bergen County industrial building.

“Key Properties is thrilled to announce Michael Halebian & Co. will renew its lease at 700 Gotham Parkway,” said Marc Schlussel, Key Properties’ co-managing partner.

“The company’s expansion reflects its success and we are glad the timing aligned to accommodate their growth, while also allowing us to maintain our long and successful relationship”

“700 Gotham Parkway has been a home to Michael Halebian & Co. for over two decades,” said Michael Halebian Jr., company president/CEO. “We value our ongoing relationship with Key Properties and look forward to continue working with them.”

Key Properties purchased 700 Gotham Parkway as an abandoned former paint manufacturing facility in 1997, and repositioned the building from single- to multi-tenant use. The asset consistently has been a strong performer, maintaining full occupancy since its purchase.

“When we acquired 700 Gotham Parkway, the building was in a state of disrepair, yet its excellent location and explosion-proof construction distinguished it as an opportunity with significant potential,” Schlussel said.

“This property also offers excess land, which provides tenants with generous on-site parking — a feature not typically found at industrial properties in the Meadowlands submarket.”

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