475 Division St. in Elizabeth — Courtesy: NAI James E. Hanson
By Joshua Burd
A trucking company has taken nearly 29,000 square feet of warehouse and distribution space in the heart of Elizabeth’s port district, according to brokers with NAI James E. Hanson.
The tenant, Motion Express, is leasing space at 475 Division St. under a transaction with Tree Realty. The company will use the 28,900-square-foot space to serve the tristate area, benefiting from a location less than a mile from Port Newark-Elizabeth, Newark Liberty International Airport and the New Jersey Turnpike.
“While much of 2020 has been defined by uncertainty, the industrial market in northern New Jersey has remained stable with elevated demand for limited assets throughout the area continuing to drive pricing higher,” NAI Hanson’s Barry Cohorsky said. “We expect to continue to see tremendous demand for assets like 475 Division Street as they promise unmatched connectivity to the nation’s densest population centers as well as markets across the world.”
Cohorsky and John Koch represented ownership at the 175,000-square-foot industrial building, while Robin Ritter-Ceriello represented the tenant. Motion Express’ 28,900-square-foot space boasts 18-foot ceiling heights, five loading docks, 10 trailer parking spaces and 2,000 square feet of office space.