320 Elizabeth Ave. in Newark — Courtesy: Bussel Realty Corp.
By Joshua Burd
A home décor company has taken more than 38,000 square feet of industrial space in Newark, in one of three newly announced deals by Bussel Realty Corp.
The tenant, My Flowers USA Inc., will occupy the space at 320 Elizabeth Ave. under a lease with RHS Realty Group, according to a news release. BRC Senior Vice President Jordan Metz, Senior Associate Ben Abbate and Sales Associate James Friel represented the landlord in the 38,207-square-foot deal, while NJR Group LLC represented the tenant, which sells products with lifelike artificial flowers and complementary items such as glass vases, wooden vases, ceramic pots, wind spinners, scarecrows and seasonal decorations.
“We pulled the rare two-for-one ‘tenant space exchange’ at 320 Elizabeth Avenue,” Metz said. “My Flowers identified the property and quickly determined it would meet all of their specific needs. They initially leased 26,007 square feet of space. Just as we were finishing the lease, an adjacent tenant advised that they were open to downsizing a portion of their space. My Flowers quickly locked in the opportunity to accommodate their anticipated growth, which increased the total area leased to 38,207 square feet.”
The Metz-led team also represented Overnight Freight Inc., a shipping and logistics firm, in a sublease for 14,000 square feet and two acres of outside industrial storage space at 125 James Ave. in Jersey City, touting it as a “functional truck terminal” with fleet parking “in an asset class with minimal vacancy in the region.” CBRE represented the sublandlord, Staples Inc.
In a second deal in Jersey City, BRC represented landlord Neu Holdings Corp. in a three-acre outside industrial storage lease at 150 Pacific St. The tenant is an undisclosed transportation and warehouse services firm.
“The industrial outdoor storage sector has seen rapid growth in recent years, driven by the increasing demand for strategically located parking/outdoor storage sites,” Metz said. “150 Pacific Avenue offers a prime location just minutes to the Holland Tunnel and New York City markets. We are currently marketing an additional two acres of IOS space and 176,132 square feet of warehouse space at the property.”
