200 Middlesex Ave. in Carteret — Courtesy: NAI James E. Hanson
By Tina Traster
A warehousing business that occupies more than 400,000 square feet in Carteret has renewed its lease at the property, brokers with NAI James E. Hanson announced Wednesday.
Established in 1985, Continental Terminals has been a tenant at 200 Middlesex Ave. since January 2016, according to a news release. The site serves as its headquarters and provides it with a location less than two miles from Exit 12 of the New Jersey Turnpike, plus easy access to Port Newark-Elizabeth and Newark Liberty International Airport.
NAI Hanson’s Scott Perkins, Chris Todd, Andrew Somple, Greg James and Justin Allessio represented an institutional owner in the 406,437-square-foot, full-building transaction. Tom Carragher, Steve Korfiatis, Craig Engelhardt and Chris Carragher of Newmark represented the tenant, which provides warehousing services for coffee and cocoa.
“It’s safe to say that finding over 400,000 square feet of prime industrial space in a market like Carteret is virtually impossible in the current market,” Perkins said. “In such a competitive market, institutional investors continue to be extremely well-positioned to create value from strategic leasing of their assets. We were happy to help them negotiate a deal that would keep a long-term tenant in place while also capitalizing on the strong market.”
NAI Hanson added that Perkins, Todd, Somple and James provided advisory services to the current owner during its acquisition of the property in 2016.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
