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Deals & Dealmakers

Home building boom drives 1M s/f in NJ industrial leases

CBRE Group Inc. announced the completion of two industrial lease transactions for Home Depot and Ferguson Enterprises, which rank as the third and fourth largest industrial transactions, respectively, in the past three quarters.

The CBRE team of Mindy Lissner and William Waxman, executive vice presidents, led each transaction team.

MINDY LISSNER
MINDY LISSNER

“As evidenced by these two large deals in the sector, home building and home improvement are on the upswing, particularly in New Jersey,” said Waxman.

“This echoes the national trend in increased construction spending, which marks an economic uptick steered by the residential market.

The expansion of Home Depot and Ferguson’s operations in the state shows a clear sign of improvement for the real estate industry and for the economy overall.”

For Home Depot, the CBRE team of Lissner, Waxman and CBRE Atlanta’s Tony Kepano, secured 467,987 s/f of space at 100 Riverside Drive in Keasbey, NJ.

On behalf of Ferguson Enterprises, CBRE secured 449,981 s/f of space at 50 Meadowlands Parkway in Secaucus, NJ. Lissner and Waxman represented Ferguson Enterprises along with Matt Corpuel, first vice president, Jamie Dennison, client services specialist, and CBRE Baltimore’s Bill Pellington, senior vice president.

Hartz Mountain Industries, the owner of 50 Meadowlands Parkway, plans to upgrade the facility with ESFR sprinklers, expanded loading capabilities, and 32 ft. ceilings.

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