17 West St. in East Hanover — Courtesy: Newmark Associates
By Joshua Burd
A maker of dietary supplements has leased 20,000 square feet at a flex industrial building in Morris County, according to a brokerage team with Newmark Associates.
The user, Pharmvista LLC, will occupy space at 17 West St. in East Hanover under a transaction with Commerce Park Investors II LLC. Newmark’s Deborah Myers represented both parties, noting that the deal is latest between two longtime clients.
“I brought this tenant to the landlord several years ago, when the tenant was looking for his first location in the U.S.,” said Myers, a managing director with the Cedar Knolls-based firm. “Finding that certain installations were already in place for his pharma operation, he established his business in East Hanover and has since expanded into other nearby locations with the same landlord, including this latest lease.”
Newmark announced the deal last week, touting the building’s proximity to retail, restaurants and Route 10. The 53-year-old property features three loading docks, 14-foot ceiling heights and on-site parking and property management.
“Industrial flex space is in such high demand now that when a building/space comes on the market, the need for velocity from all parties is critical in securing the space and bringing the transaction to fruition,” Myers said.