CBRE Facilitates 867,500 Square Feet of NJ Industrial Leasing on Behalf of Prologis

On Dec 16, 2016

CBRE Group Inc. announced it has facilitated more than 867,500 square feet of industrial leasing activity on behalf of its long-term client, Prologis, through two separate transactions in the state of New Jersey.

The CBRE team of Thomas Monahan, Stephen D’Amato, Anastasia Lazarides and Gerard Monahan represented Prologis, which owns each of the two properties.

In Woodbridge, the team facilitated a 507,500-square-foot lease with DSV Global Transport and Logistics at 1005 W. Middlesex Avenue. The distribution facility, which sits less than four miles from the New Jersey Turnpike, features a 36-foot clear height, 120 dock doors, two drive-in doors and parking for 115 trailers. Doug Bansbach of Cushman & Wakefield represented the tenant in the transaction.

In Carteret, CBRE secured a 360,000-square-foot lease with a prominent retailer on behalf of Prologis at 50 Middlesex Avenue. The property, also a distribution facility, features a 36-foot clear height, 68 dock doors, four drive-in doors and parking for 137 cars and 138 trailers. In addition, the building sits just 3.5 miles from the New Jersey Turnpike, allowing for immediate access to a number of additional major roadways.  Scott Belfer of CBRE represented the tenant in the transaction.

Mark Shearer, senior vice president for Prologis and market officer in New Jersey added, “DSV Global is a prominent customer of Prologis, leasing over five million square feet from us in 10 countries and we’re pleased to be working with them in New Jersey. We’re equally excited to welcome an additional customer to our Port Reading Park, which will allow this retailer to grow their supply chain to better serve stores in the region. Both customers demonstrate the enormous potential of continued growth in the New Jersey real estate market.”

“We’re continuing to see record demand for quality product in the New Jersey industrial sector, and this recent pairing of significant lease transactions that we facilitated on behalf of Prologis is a testament to the overall market momentum,” said Thomas Monahan, executive vice president at CBRE. “While both of these properties boast a roster of sought-after industrial features, location and transportation access continues to be the most prominent drivers of activity in the state.”

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