NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated a 406,437-square-foot full building lease renewal with Continental Terminals at 200 Middlesex Avenue in Carteret, N.J. James E. Hanson’s Scott Perkins, SIOR, Chris Todd, SIOR, Andrew Somple, SIOR, Greg James and Justin Allessio represented the owner and Tom Carragher, Steve Korfiatis, Craig Engelhardt and Chris Carragher of Newmark represented the tenant in the transaction.
Owned by a leading institutional real estate investor, 200 Middlesex Avenue features a highly strategic location less than two miles from Exit 12 on the New Jersey Turnpike with easy access to Port Newark–Elizabeth Marine Terminal and Newark Liberty International Airport. Perkins, Todd, Somple and James provided advisory services to the institutional owner during the acquisition of the property in 2016.
Established in 1985, Continental Terminals is a coffee and cocoa warehousing business that has called 200 Middlesex Avenue home since January 2016. Over its time at 200 Middlesex Avenue, the company has leveraged the property’s adaptability and its nearby sea, rail, air and road connections to provide superior service to its national and international clients.
“It’s safe to say that finding over 400,000 square feet of prime industrial space in a market like Carteret is virtually impossible in the current market,” said Perkins. “In such a competitive market, institutional investors continue to be extremely well-positioned to create value from strategic leasing of their assets. We were happy to help them negotiate a deal that would keep a long-term tenant in place while also capitalizing on the strong market.”