Colliers International has arranged 147,000 s/f of new, long-term leases at two warehouses owned by Cabot Properties in Somerset, New Jersey.
Both single-tenanted properties at 95 Clyde Road and 645 Howard Avenue are now 100 percent leased.
Iberia Foods Corporation leased 82,000 s/f at 95 Clyde Road, which features eight tailgate loading doors and 24-foot ceilings.
The East Coast food and beverage supplier recently relocated its subsidiary, Brooklyn Bottling Group, a manufacturer and distributor of international beverage brands, from Carteret, NJ to the property.
Additionally, Event Solutions International (ESI) leased 65,000 s/f at 645 Howard Avenue, which includes 8,000 s/f of office space and four tailgate loading doors.
The vehicle management services company will relocate and expand its New York/New Jersey regional warehouse from East Brunswick, NJ, following the completion of retrofitting at the property.
Both warehouses also feature one drive-in door, a new roof, motion sensor lights, a 100-car parking lot, and easy access to Route 287 and the New Jersey Turnpike.
“The location of the two properties and the existing plants, which benefit from strong institutional ownership, were a great fit for both tenants who were seeking more room to accommodate their growth,” said Michael Markey, Executive
Managing Director at Colliers International, who along with Executive Managing Director Jonathan Tesser represented Cabot Properties in the two transactions.
“The offerings were only briefly on the market before being leased, a result of New Jersey’s limited supply of good quality product and assets like 95 Clyde Road and 645 Howard Avenue.”
Added Tesser: “We are continuing to see a very robust industrial market in Northern and Central New Jersey with strong fundamentals and steady demand, particularly for spaces below 100,000 square feet, which are extremely tight in supply.”
Boston-based private equity real estate investment firm, Cabot Properties, is an investor, developer and operator of industrial properties throughout North America and the United Kingdom.
Iberia Food Corporation was represented by Binswanger in the 95 Clyde Road transaction. ESI was represented by Colliers.