580 Port Carteret Drive in Carteret — Courtesy: CBRE
By Joshua Burd
A cold storage provider has leased nearly 280,000 square feet in Carteret, under one of several newly announced transactions by brokers with CBRE.
The real estate services firm announced this week that it represented the tenant, Garden State Cold Storage, in the 278,936-square-foot commitment at 580 Port Carteret Drive. David Gheriani and William Waxman from the firm’s New Jersey team completed the assignment.
CBRE detailed the transaction as part of a recap of some of its largest transactions from the summer, with total volume amounting to 12.8 million square feet across all asset types. Between June 1 and Aug. 30, the firm executed 231 leases totaling 10.4 million square feet and 31 sales transactions totaling 2.4 million square feet.
By comparison, CBRE last summer completed 158 lease transactions totaling 3.11 million square feet and 34 sales transactions totaling 1.32 million square feet.
One of the firm’s most notable investment sales of recent months was on behalf of The Hampshire Cos., which sold a 1.3 million-square-foot, 30-building industrial portfolio in northern New Jersey to Colony Industrial.
“This past summer proved to be one of the busiest periods of the year so far, with tremendous activity in both leasing and investment sales,” said Jeff Hipschman, a senior managing director with CBRE. “Our industry-leading team of professionals completed some of the most significant transactions in the market and we are very proud of the outstanding outcomes we were able to deliver for our clients.”
The most prominent office deal completed by the firm this summer was a lease by Everest Reinsurance Co., which is taking 315,086 square feet at 100 and 200 Warren Corporate Center Drive in Warren. CBRE’s Eric Deutsch and Jeffrey Babikian represented Everest Reinsurance in the negotiations with building ownership, a joint venture of Vision Real Estate Partners and Rubenstein Partners.
Meantime, the firm represented ownership in IQVIA’s 115,659-square-foot commitment at 77 Corporate Drive in Bridgewater.
In the retail sector, CBRE announced a 26,954-square-foot lease by CAVU Trampoline & Tumbling at 225 Route 46 West in Mountain Lakes and a 14,754-square-foot lease by Jennifer Furniture at Greenleaf at Union Shopping Center at 1235 West Chestnut St. in Union.