1 Industrial Road in South Brunswick — Courtesy: Heller Industrial Parks
By Joshua Burd
Heller Industrial Parks inked more than 50 transactions across its vast industrial footprint last year, accounting for some 5 million square feet in leasing activity and keeping the firm’s occupancy at 100 percent heading into 2017.
The Edison-based, privately held industrial landlord announced its 2016 results this week, citing the red hot market for warehouse and distribution space locally and across the U.S. The firm recorded its largest and highest-value new deal of the year at 460 Heller Park Court in the Dayton section of South Brunswick, where The Tile Shop leased 103,000 square feet.
Heller’s largest renewal in 2016 was with Roland Foods, which renewed its 252,000-square-foot lease and expanded by 80,000 square feet at 1 Industrial Road in South Brunswick.
“Heller’s portfolio, while maintaining a 100 (percent) occupancy rate, experienced a high level of activity in 2016, even after a record year in 2015,” Brian Banaszynski, president of Heller, said in a prepared statement. “While we renewed a large majority of expiring leases, Heller’s quality buildings at very competitive rents attracted over 1.25 million square feet of new leases and expansions prior to any space being vacated, as tenants sought to secure space in very tight market conditions.”
Heller’s in-house team of David Paster and Fred Kurtz spearheaded leasing activity in 2016. In its year-end announcement, the firm also acknowledged the brokers it worked with during the year.
- JLL: David Knee, Joel Lubin
- C&W: Chuck Fern, Jason Barton, Jason Goldman, Frank Caccavo, Stephen Elman, Larry Casey, Robin Ritter-Ceriello
- CBRE: Tim Vogds, Steve Beyda
- Lee & Associates: Rick Marchisio, Crista Bartolomeo, David Saltzman
- NAI Dileo Bram: Rich Galuppo
- Weichert Commercial: Tony Baseil
- Team Resources: Greg Sholom
- Lance Bram Commercial: Joe D’Agostino, Lance Shalit
- Logistics Realty: Bill Hettler
- Bussel Realty: David Blitt, Manny Judah
- RE/MAX Commercial: Joe Santoro, Pat Tarczilo
- Transwestern: John Brewer
- Fisher & Company: Andrew Henry
- AJR Commercial: Art Reinitz
Saltzman represented The Tile Shop, while Lubin represented Roland Foods.
Citing new highs reached by the U.S. and New Jersey industrial markets in 2016, Banaszynski said, “(demand) continued to outpace supply, resulting in lower vacancy rates and higher rents.” That means the firm is at the ready when it comes to developing new space within its portfolio.
“Limited land availability will make it even more challenging for tenants seeking large modern distribution and warehouse facilities,” he said. “Heller is carefully monitoring the ever-changing market conditions, assessing when to commence the next building at our approved 2.6 million square foot project in South Brunswick, which is within the highly desirable Exit 8A submarket.”