The owner of a 322,000-square-foot industrial building in Moonachie has refinanced for $18.2 million, in one of three new transactions announced by G.S. Wilcox & Co.
Industrial
Owning or leasing industrial space in New Jersey means you’re within one day’s drive of one-third of the nation’s population. That means the state continues to be a hotbed of warehouse and logistics activity.
Trend Watch Nov. 28: Big-box leasing activity continues a climb
Twelve leases greater than 500,000 square feet closed throughout northern and central New Jersey, an increase of 33.3 percent year-over-year and a pace expected to outpace year-end totals for 2016. Big-box leasing has tripled as traditional retailers and e-commerce companies —representing 75.0 percent of big-box leasing for 2017 — continued to expand their distribution networks.
The Amazon effect: The e-commerce giant has infiltrated every major asset class in New Jersey
Amazon has long been known for having a profound impact on the bricks-and-mortar retail business. But as it turns out, that’s only one piece of the story of how the e-commerce powerhouse is transforming commercial real estate. New Jersey is poised to feel that impact as much as any other state in the country.
Game-changer: Amazon has been a driving force in surging N.J. distribution market
There’s no ignoring Amazon’s impact on the state’s industrial sector since early 2013, when the company committed to building its first New Jersey fulfillment center in Robbinsville. Not only has Amazon absorbed at least roughly 9 million square feet of warehouse and distribution space since that time. It quickly emboldened other pure e-commerce players that were hesitant to establish a footprint in New Jersey, amid concerns over having to collect sales tax from customers if they had a physical location here.
CBRE marketing 129,000 sq. ft. industrial building in Middlesex Co.
1 Jake Brown Road in Old Bridge — Courtesy: CBRE
By Joshua Burd
Brokers with CBRE are marketing a nearly 130,000-square-foot warehouse in Old Bridge, in what they say is a rare opportunity to buy an industrial building in Middlesex County.
The firm said the property, located at 1 Jake Brown Road, provides quick access to routes 9, 18 and 440, along with the Garden State Parkway. The 47-year-old building has a new roof, 20,000 square feet of office space and a ceiling height of 18 feet, four inches.
CBRE also touted the site’s access to a strong labor market and to Port Newark-Elizabeth and the New Jersey Turnpike. Other building features include two exterior tailboard doors, 150 spaces for car parking, 30-foot-by-30-foot column spacing and available trailer parking.
The CBRE team marketing the property includes Mindy Lissner, Bill Waxman, Robert Pine and David Gheriani
