51 Richboytnon Road in Dover — Courtesy: WP Properties
By Joshua Burd
WP Properties has backfilled a pair of neighboring industrial spaces in Dover, the firm announced, in leases that total 48,000 square feet.
In the larger deal, Armstrong Relocation committed to 27,000 square feet at 51 Richboytnon Road, which sits less than a half-mile from Route 46. Next door, at 52 Richboynton Road, WP Properties leased 21,000 square feet to a firm known as KDC Delivery.
Brian Wilson of Resource Realty and Eddie Schein of Team Resources Inc. represented the respective tenants. In announcing the deals, WP Properties noted that it had allowed prior tenants to vacate both spaces, adding that the leases were done at premiums of 85 and 54 over the transactions that were signed less than two years ago.
“We continue to see tremendous strength in the northern New Jersey industrial market,” said Jeff Barnish, managing member of Denville-based WP Properties. “Quality, well-priced space within one hour of the ports remains in strong demand as available inventory is hard to come by.”