Page 11 - RE-NJ

PROLOGIS FILLS PORT READING BUILDING WITH 607,000 SQ. FT. LEASE
Prologis Inc. has leased more than 600,000 square feet in Woodbridge to a warehousing and logistics firm, in what was one of New Jersey’s largest industrial deals to start the year.
Fontana, California-based Elogistek will occupy the full building at
1001 West Middlesex Ave. in the township’s Port Reading section, which is minutes from the New Jersey Turnpike and part of the
Exit 12 submarket. According to a property flyer, the 607,400-square- foot facility is also 16 miles from Port Newark-Elizabeth and 12 miles from Newark Liberty International Airport, providing users with 40-foot clear ceiling heights, 72 dock doors, two drive-in doors and parking for 60 trailers and 362 cars.
CBRE’s Tom Monahan, Brian Golden and Larry Schiffenhaus represented Prologis in the deal, while a Cushman & Wakefield team led by Chuck Fern represented the tenant.
“This is a Class A property with great
access to major transportation hubs — we’re happy to see it fully leased,” said Prologis Senior Vice President Mike Sacro,
the company’s
New Jersey
and New York
market officer.
“Another great
deal in the New
Jersey ports,
we’re proud to
partner with
our brokerage community — CBRE, who represented us, and Cushman & Wakefield, who represented the tenant — to make it happen.”
A market report by Savills listed the Elogistek transaction as northern
New Jersey’s largest industrial lease
of the first quarter, while recounting the market’s slowing rent growth
and an uptick in vacancy due to new construction deliveries. Experts note that the market remains healthy by historical standards, following a period of record-high demand in 2021. RE
TM9
EXCLUSIVE PROPERTIES
FOR SALE

136 Units To-Be-Developed
Julie Gralla ext 224
Aberdeen, MD
60 Residential Units
Barry Waisbrod ext 272 Matt Wolf ext 237
Clark, NJ
42 Residential Units
Jeff Squires ext 246
East Orange, NJ
26 Residential Units
Julie Gralla ext 224
Orange, NJ
9 Residential Units
Don Baxter ext 265 Michael Salomon ext 243
Baltimore, MD
60 Residential Units
Barry Waisbrod ext 272
Newark, NJ
48 Residential Units
Don Baxter ext 265 Michael Salomon ext 243
Newark, NJ
Approved Site | 40 Residential Units
Tom Scatuorchio ext 255
Belleville, NJ
Approved Site | 14 Residential
Units + 2 Commercial Units
Matt Weilheimer ext 253 Tom Scatuorchio ext 255
Elizabeth, NJ

Andrew Jonas ext 460
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
REGENERON TAKES 127,000 SQ. FT. AT WARREN CORPORATE CENTER
Regeneron Pharmaceuticals Inc. has leased nearly 127,000 square feet
at the sprawling Warren Corporate Center campus, with plans to relocate from another location just off Interstate 78.
The biotech giant, which is based in Tarrytown, New York, will occupy building 300 at the Vision Real
Estate Partners property, part of a five-building, 820,000-square-foot complex just south of I-78 in Warren. A Regeneron spokesman confirmed the deal, adding that the company expects to move during the third quarter
of 2025 and will vacate its existing location at 110 Allen Road in the Basking Ridge section of Bernards.
CBRE included the 126,678-square- foot lease in its first-quarter recap
of the northern and central New Jersey office market. According to the report, the transaction propelled a 430 percent spike in quarter- over-quarter leasing activity in the submarket around interstates 287 and 78, which registered only 37,000 square feet of deal volume in the fourth quarter of 2023, as well as a 45
percent year-over-year jump for the broader region.
Cushman & Wakefield’s Robert Donnelly Jr., Paul Giannone, Kevin Carton and Todd Elfand are listed as the leasing team for 300 Warren Corporate Center, while the firm’s Josh Cohen and Marc Rosenberg represented Regeneron in the deal.
“Large user demand in Q1 was largely driven by continued strength of the health care/life science sector,” CBRE wrote in its Q1 market report. “The industry accounted
for three of the top five largest transactions of the quarter and 34 percent of total leasing activity.”
The Regeneron deal is the latest
at Warren Corporate Center since Vision and Rubenstein Partners acquired the 176-acre campus in 2016. The firms set out to reposition the former Lucent Technologies and Citigroup property under a plan that largely centered on building a new standalone, 19,000-square-foot amenity center for tenants at the property.
Mike Sacro