The Ridgedale Industrial Park in East Hanover comprises seven buildings, including 903 Murray Road. — Courtesy: Resource Realty of Northern New Jersey
By Joshua Burd
Saxum Real Estate has filled more than 173,000 square feet with two new leases at an East Hanover industrial park, brokers with Resource Realty of Northern New Jersey said Thursday.
In the larger deal, J&J’s Tri-State Delivery Service took 158,440 square feet at 903 Murray Road, where RRNNJ Founding Principal Tom Consiglio and Principal Scott Peck represented ownership and Principal Brian Wilson represented the tenant. Consiglio and Peck also represented Saxum in the second transaction, a 15,005-square-foot commitment at 906 Murray Road by Tri-State Cleaning and Restoration, with John Friedland of United Realty Advisors representing the tenant.
Both are part of the Ridgedale Industrial Park just off Route 10, which connects to Interstate 287.
“These two leases reflect the unwavering strength of the northern New Jersey industrial corridor and the sustained appetite for well-located assets,” Consiglio said. “The ability for our team to successfully represent the landlord at both buildings, while simultaneously delivering optimal results for the tenant at 903 and 906 Murray Road locations, speaks to the collective expertise and collaborative spirit we offer clients across the region.”
RRNJJ noted that it had served as Ridgedale Industrial Park’s leasing agent under its former owner, Urban Edge Properties, and continued in that role after a fund managed by Summit-based Saxum acquired it in 2023. That means the brokerage firm has an extensive history with the 1.2 million-square-foot property, including:
- Developing a strategy on behalf of Urban Edge to successfully reposition the assets as premier warehouse, industrial and flex buildings prior to the sale
- Representing Urban Edge in two acquisitions totaling 275,000 square feet, strategically strengthening and expanding the property collection
- Engineering the park’s overall expansion and helping secure seven new leases totaling 546,000 square feet in the preceding period
“Executing these leases, at properties where we guided the portfolio from repositioning through its sale and now to renewed tenancy under new ownership, illustrates our 35 years of strategic, client-focused work,” Peck said.
JLL: Urban Edge sells 1.2 million sq. ft. East Hanover industrial portfolio for $218 million
