By Joshua Burd
Industrial real estate giant Prologis has inked two new deals in New Jersey totaling nearly 870,000 square feet, with CBRE Group Inc. serving as its broker in the recent transactions.
The brokerage firm announced Thursday that it had facilitated the deals, including a 507,500-square-foot lease with DSV Global Transport and Logistics at 1005 West Middlesex Ave. in Woodbridge. The distribution facility, which sits less than four miles from the New Jersey Turnpike, features a 36-foot clear height, 120 dock doors, two drive-in doors and parking for 115 trailers.
The CBRE team of Thomas Monahan, Stephen D’Amato, Anastasia Lazarides and Gerard Monahan represented Prologis, according to a news release. Doug Bansbach of Cushman & Wakefield represented the tenant in the transaction.
“DSV Global is a prominent customer of Prologis, leasing over five million square feet from us in 10 countries and we’re pleased to be working with them in New Jersey,” Mark Shearer, senior vice president for Prologis and market officer in New Jersey, said in a prepared statement. “We’re equally excited to welcome an additional customer to our Port Reading Park, which will allow this retailer to grow their supply chain to better serve stores in the region. Both customers demonstrate the enormous potential of continued growth in the New Jersey real estate market.”
In Carteret, CBRE secured a 360,000-square-foot lease with an undisclosed retailer on behalf of Prologis at 50 Middlesex Ave, the firm said. The property, also a distribution facility, features a 36-foot clear height, 68 dock doors, four drive-in doors and parking for 137 cars and 138 trailers.
The site is 3.5 miles from the Turnpike, allowing for immediate access to a number of additional major roadways. Scott Belfer of CBRE represented the tenant in the transaction.
“We’re continuing to see record demand for quality product in the New Jersey industrial sector, and this recent pairing of significant lease transactions that we facilitated on behalf of Prologis is a testament to the overall market momentum,” said Thomas Monahan, executive vice president at CBRE. “While both of these properties boast a roster of sought-after industrial features, location and transportation access continues to be the most prominent drivers of activity in the state.”