343 Murray Hill Pkwy. — Courtesy: NAI James E. Hanson
By Joshua Burd
A national transportation and logistics firm has leased nearly half of a 53,000-square-foot industrial building in the Meadowlands, according to brokers with NAI James E. Hanson.
The tenant, Beavex Corp., will occupy 24,488 square feet at 343 Murray Hill Pkwy. in East Rutherford. Its new home sits just west of MetLife Stadium and offers quick access to the New Jersey Turnpike and New York City via the George Washington Bridge, along with routes 3, 17, and 120, fulfilling the firm’s goal of finding a distribution facility near major highways.
NAI Hanson’s Kenneth Lundberg Steve Pastor and Patrick Lennon represented the landlord, 343 Murray Hill Parkway Inc., according to a news release. Jackson Hill and Luke Denny of Fischer & Co. represented the tenant, a provider of time-critical, same-day transportation and logistics services to businesses throughout the country.
“The Meadowlands’ accessibility and close proximity to major population centers continue to be large draws for national logistics companies when considering their expansion needs in the New York City metro area,” Lundberg said. “As industrial demand continues to increase and supply remains constricted, we are approaching double-digit rents for properties like 343 Murray Hill Parkway.
“This high demand and low supply environment enabled us to negotiate a mutually beneficial deal on behalf of the landlord that drew a premium rental price while allowing Beavex to expand their operations in this market.”
The single-story, 53,361-square-foot industrial building includes 4,000 square feet of office space, 21-foot clear ceilings, four tailgates and one oversized drive-in, the news release said.