11 Jackson Road in Totowa — Courtesy: Avison Young
By Joshua Burd
A medical device manufacturer in Fairfield has signed a lease renewal and extension for nearly 85,000 square feet, brokers with Avison Young announced recently.
The user, Velocity MedTech, occupies the property at 11 Jackson Road under a full-building deal with Crosstate Enterprises LLC. Avison Young’s Paul Errigo, Ed English and Ron Ganter represented the tenant in the 84,755-square-foot deal, which will allow it to continue operations without interruption.
“Despite the greater Fairfield industrial submarket seeing rent increases of 14 percent year over year, we were able to secure favorable renewal terms that satisfied both tenant and landlord,” Errigo said. “This deal highlights the importance of understanding local market conditions in order to secure long-term success for our clients, as well as continued confidence in the area’s industrial market.”
In a news release, Avison Young noted that the property is minutes from Interstate 80, allowing for ease of access for labor and logistics.
