A pharmaceutical supply services firms has leased more than 45,000 square feet of lab and research and development space in Cranbury, brokers with Cushman & Wakefield said Tuesday.
The Sudler Cos. is hailing the success of a high-profile redevelopment project in Cranbury, where it has leased two new industrial buildings totaling 758,000 square feet at the former site of a large office complex.
A lighting manufacturer is expanding its Northeast distribution center footprint as part of a recently announced, 264,085-square-foot lease in Cranbury with Duke Realty.
After tearing down a large, aging office building to make way for two new distribution centers in Cranbury, the Sudler Cos. is looking to replicate that formula elsewhere in its portfolio.
After the sale of more than 3 million square feet of industrial space in New Jersey — part of a three-state, $700 million deal announced earlier this fall — Bridge Development Partners is well on its way toward refilling its pipeline in the Garden State. Jeff Milanaik, regional partner for Bridge, said the firm is under contract for a series of sites in northern and central New Jersey that could pave the way for another 6 million square feet of development activity.
There’s no ignoring Amazon’s impact on the state’s industrial sector since early 2013, when the company committed to building its first New Jersey fulfillment center in Robbinsville. Not only has Amazon absorbed at least roughly 9 million square feet of warehouse and distribution space since that time. It quickly emboldened other pure e-commerce players that were hesitant to establish a footprint in New Jersey, amid concerns over having to collect sales tax from customers if they had a physical location here.
Industrial leasing in northern and central New Jersey took a slight step back in the third quarter, but only because demand continues to outpace the amount of big-box space available in the market.
Amazon has formally unveiled plans for three new fulfillment centers in New Jersey, adding to what is already a sprawling footprint across the state’s industrial real estate market.