CBRE Group Inc. Completes Industrial Lease Transactions for Home Depot and Ferguson Enterprises

On Aug 5, 2014

CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, today announced the completion of two industrial lease transactions for Home Depot and Ferguson Enterprises, which rank as the third and fourth largest industrial transactions, respectively, in the past three quarters. The CBRE team of Mindy Lissner and William Waxman, executive vice presidents, led each transaction team.

“As evidenced by these two large deals in the sector, home building and home improvement are on the upswing, particularly in New Jersey,” said Mr. Waxman. “This echoes the national trend in increased construction spending, which marks an economic uptick steered by the residential market. The expansion of Home Depot and Ferguson’s operations in the state shows a clear sign of improvement for the real estate industry and for the economy overall.”

For Home Depot, the CBRE team of Ms. Lissner, Mr. Waxman and CBRE Atlanta’s Tony Kepano, executive vice president, secured 467,987 square feet of space at 100 Riverside Drive in Keasbey, NJ. On behalf of Ferguson Enterprises, CBRE secured 449,981 sq. ft. of space at 50 Meadowlands Parkway in Secaucus, NJ. Ms. Lissner and Mr. Waxman represented Ferguson Enterprises along with Matt Corpuel, first vice president, Jamie Dennison, client services specialist, and CBRE Baltimore’s Bill Pellington, senior vice president.

Ferguson Enterprises, a plumbing and building supplier for kitchens, bathrooms and lighting, signed a 10-year deal at 50 Meadowlands Parkway with six months of free rent and two options to expand. The company will use its new location as a warehouse and distribution center. 50 Meadowlands Parkway was strategically chosen for its close proximity to New York, as it will provide regional access to the corporation’s suppliers and showrooms. The property was also one of the few available industrial spaces in the state with the ability to meet Ferguson’s large space requirement.

Hartz Mountain Industries, the owner of 50 Meadowlands Parkway, plans to upgrade the facility with ESFR sprinklers, expanded loading capabilities, 32-foot clear ceilings and T5-lighting.

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