By Joshua Burd
A food company has leased more than 200,000 square feet in Parsippany, with plans to use the space as the site of its newest manufacturing and distribution facility in New Jersey.
Brokers with Newmark Knight Frank represented the company, Vitaquest International LLC, in the long-term transaction at 100 Jefferson Road. The deal is part of an expansion for the nutritional and functional foods manufacturer, which already has operations in West Caldwell and Fairfield.
NKF Managing Director James Ritman of the firm’s Stamford office and Associate Director Trevor Patterson of the Rutherford office represented Vitaquest.
“Northern New Jersey continues to be a strong market for industrial space with extremely low vacancy rates, making it challenging for tenants in the market looking to expand their operations,” Patterson said.
Leasing activity in North Jersey over the past year has totaled 20 million square feet, NKF said, with vacancy rates averaging 4.5 percent through the first quarter.
“Through a collaborative effort between our teams in New Jersey and Connecticut we were able to develop a clear understanding of what Vitaquest needed and find them a perfect space in 100 Jefferson to expand their operations in a strong and growing market,” Ritman said.
Vitaquest’s operations in New Jersey include developing and manufacturing what’s known as nutraceutical and functional food products.
“As Vitaquest has continued to build its business at an exceptional pace, it has become necessary to further expand our operational capabilities in order to best serve our growing customer base. Our new facility at 100 Jefferson will allow us to continue to flourish within the nutraceutical industry while providing the best possible service to our customers,” said Scott Yagoda, general counsel and executive vice president at Vitaquest. “Partnering with the NKF tristate team played an integral part in allowing us to find the perfect facility to meet our needs.”
