By Joshua Burd
The owner of a six-building industrial park in Somerset County has completed 50,000 square feet in leasing activity, in a series of recent deals arranged by CBRE Group Inc.
Representing the landlord, First Industrial Realty Trust, CBRE said it brokered the seven deals at Worlds Fair Corporate Center in the Somerset section of Franklin. The largest among them is a 10,000-square-foot lease by Vadilal, a food manufacturer.
The CBRE brokerage team of Robert Pine, Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley and David Gheriani handled the assignment.
The other deals are as follows:
- AXYZ International, a manufacturer of computer-controlled tools, signed a 5,000-square-foot lease
- U.S. Strategic Marketing, which provides advertising for the beverage industry, signed a 5,000-square-foot lease
- Gericke, a supplier of manufacturing equipment, signed a 5,000-square-foot lease
- Pace, a sampling and analytical testing firm, signed a 5,000-square-foot lease
- John Deere, a manufacturer of agricultural equipment, signed a 5,000-square-foot lease
- Shanco International, a producer of chemicals, signed a 5,000-square-foot lease
- ILEET Marketing Group, an advertising company, signed a 5,000-square-foot lease
“In a submarket that has seen good demand but relatively low rent growth for the last five years, we’ve begun to see rents climb higher than was forecasted, and we’re also seeing an influx of leading companies with strong credit quality,” Pine said in a prepared statement. “Worlds Fair Corporate Center is at the heart of that trend.
“With a rise in startups in the area, along with the regional expansion of national companies, the park is benefitting because it’s one of only a handful of industrial properties in the area that provides companies with modern space, desired amenities and an enhanced corporate image, and is owned and managed by a national real estate operator in First Industrial.”
Located on Worlds Fair Drive, Worlds Fair Corporate Center consists of six flex and industrial buildings with units ranging from 5,000 to 25,000 square feet, CBRE said in a news release. The property’s roster of tenants also includes Technical Gas Products, SunRun Solar, Multiband and Unitemp Inc.
The park sits one mile from Exit 10 of Interstate 287, providing quick access to the New Jersey Turnpike, the Garden State Parkway, Interstate 78 and a host of other highways.
