97 Third St. in Kearny — Courtesy: NAI James E. Hanson
By Joshua Burd
A logistics firm has leased 2.4 acres in Kearny that it will use to park its fleet of trucks, trailers and chassis, according to a brokerage team with NAI James E. Hanson.
Owned by Terreno Realty, the site at 97 Third St. is just off Exit 15 of the New Jersey Turnpike and five miles from Port Newark-Elizabeth. It will now serve as a key location for its new tenant, Sarcona, which offers trucking, warehousing and distribution services to the tristate area and will occupy nearly half of the 5.4-acre property.
NAI Hanson’s Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase represented ownership in the deal, while Jason Crimmins of The Blau & Berg Co. represented the tenant. The Lundberg, Lennon and Lambiase team also brokered Terreno’s acquisition of the site last September.
“Northern New Jersey’s land shortage and the explosive growth in the size of logistics fleets have caused industrial parking to increasingly emerge as its own asset class, and one that is trading at premium rates,” Lundberg said. “Terreno knew this site provided the ideal fundamentals to tap into this in-demand asset class and we were happy to leverage our expertise to help them realize value in this red hot market.”
Terreno adds Kearny industrial parcel for $26.3 million, NAI Hanson says
