Morris Business Park at 1578 Sussex Turnpike in Randolph — Courtesy: Resource Realty
By Joshua Burd
The new owner of a Morris County industrial park is seeking new users for more than 100,000 square feet at the complex.
Brokers with Resource Realty are marketing two units for a combined 130,000 square feet at the Morris Business Park, or MBP, a 700,000-square-foot complex at 1578 Sussex Turnpike in Randolph. The leasing agents, who are representing The Silverman Group, are pitching the space as a rare opportunity for industrial users in a supply-constrained part of the state.
“E-commerce is searching for reasonable rents and functional buildings outside of the ports and the Route 80 Corridor is a strong contender,” said Scott Peck, a senior vice president with Resource Realty. “In addition, the last mile business model has begun to push toward strong demographic areas such as Morris County. Regional businesses have been constrained by the lack of distribution product and the timing of these availabilities will create tremendous activity.”
Peck, who is marketing the space alongside Greg Sabato, noted that The Silverman Group recently acquired the complex from Rubenstein Properties as part of a six-state, 5 million-square-foot portfolio transaction. The main building in Randolph has warehouse space with 20- to 30-foot clear heights.
According to Peck and Sabato, the available units will be ready for occupancy by the fall.
“MBP is ideally located in central Morris County,” said Sabato, also a senior vice president in Resource Realty’s Parsippany office. “With units of 30,000 and 100,000 square feet, we can accommodate multiple industrial/flex user groups. We are excited to offer the newly available space to the market.”
“As the new owners, we are looking forward to teaming up with Resource Realty on this leasing assignment,” said Toby Nelson, vice president of leasing at The Silverman Group. “Our focus is to reposition the MBP into a premiere industrial complex in Morris County.”