From left: NAI James E. Hanson’s Patrick Lennon, Sitex Group’s Evan Kleppe, Sitex Group’s David Friedman, Sitex Group’s Brian Milberg, Mahwah Mayor William Laforet, NAI James E. Hanson’s Ken Lundberg, Mahwah Council President Rob Hermansen and Mahwah Council Member David May were on hand last week to mark the start of construction on a new 271,000-square-foot industrial building in the township. — Courtesy: NAI James E. Hanson
By Joshua Burd
Sitex Group has started construction on a new 271,000-square-foot industrial building in Mahwah, as brokers with NAI James E. Hanson ramp up their marketing effort for the site.
Slated for delivery in the first quarter of 2018, the warehouse at One Sharp Plaza will sit on nearly 21 acres along the state’s northern border with New York. It will be among the latest additions to an industrial submarket in which asking rents average $8.61 per square foot, NAI Hanson said, marking the second-highest rate in northern and central New Jersey.
NAI Hanson brokers Ken Lundberg and Patrick Lennon, who are heading the leasing team for the property, joined Sitex executives last week for a wall-raising ceremony meant to mark the start of construction. Mahwah Mayor William Laforet and other township officials also were on hand.
“The beginning of the One Sharp Plaza project marks the successful merging of a shared vision by a developer, The Sitex Group, and a municipality to bring an important project to life,” Lundberg said. “This project has been created with the needs of today’s distribution users in mind and presents a significant opportunity for the Township of Mahwah to bring a leading e-commerce company to town.
“We look forward to helping to secure a tenant for the space and ensure that this project will be a valuable economic contributor for the township.”
One Sharp Plaza will have modern, in-demand features such as 36-foot clear ceiling heights, 54-foot-by-60-foot column spacing, 36 dock doors and early suppression, fast response sprinklers, NAI Hanson said. Plans also call for two drive-ins and parking for 25 trailers and 184 cars.
In marking the start of construction, NAI Hanson touted the project’s location less than a mile from the intersection of Route 17 and interstates 87 and 287, with direct access to New York City via the Tappan Zee and George Washington bridges. The firm also touted the demand for modern industrial space in northern Bergen County, where vacancy sunk to 5.7 percent by midyear.
“The Bergen County industrial market has seen a highly restricted supply of new Class A warehouse and distribution-oriented facilities in the last few quarters,” Lennon said. “Demand for these spaces, however, remains quite high as more e-commerce companies are seeking accessible spaces in the Bergen County market.
“This project will provide this hot market with an in-demand and attractive property geared to today’s modern industrial tenant.”
