1 Cory Road in Morris Township — Courtesy: Taconic Partners
By Joshua Burd
Taconic Partners has signed a 151,000-square-foot lease renewal at a Morris County industrial building with a freight transportation company.
In a news release, the landlord said the deal with Allmodes Transport Inc. has helped it reach its first major investment milestone at 1 Cory Road. The tenant occupies more than half of the 296,000-square-foot property, which Manhattan-based Taconic purchased last year for $55 million as its first industrial acquisition.
“Recently, we launched a new initiative to begin investment in well-located, superior, industrial assets and 1 Cory Road really fit our investment thesis,” said David Milch, vice president at Taconic Partners. “This transaction confirms our thesis that strategically located, high-quality assets will continue to see high occupancy with healthy rent growth.”
In announcing the deal, Taconic noted industrial vacancy in the Morristown area is just 0.6 percent. The 17-acre property at 1 Cory Rod has 6.5 acres of parking and a rooftop solar panel system that provides clean energy to tenants and helps satisfy the firm’s ongoing commitment to sustainability.
The complex is 97 percent leased with 8,000 square feet of warehouse and two acres of car or trailer parking available.
Taconic, Nuveen acquire 296,000 sq. ft. Morris Twp. warehouse for $55 million
