Colliers International Completes 147,000 SF of Industrial Leasing in Somerset

On Aug 10, 2015

Colliers International has arranged 147,000 square feet of new, long-term leases at two warehouses owned by Cabot Properties in Somerset. Both single-tenanted properties at 95 Clyde Rd. and 645 Howard Avenue are now 100 percent leased.

Among the transactions, Iberia Foods Corporation leased 82,000 square feet at 95 Clyde Road, which features eight tailgate loading doors and 24-foot ceilings. The East Coast food and beverage supplier recently relocated its subsidiary Brooklyn Bottling Group, a manufacturer and distributor of international beverage brands, from Carteret, to the property.

Additionally, Event Solutions International (ESI) leased 65,000 square feet at 645 Howard Avenue, which includes 8,000 square feet of office space and four tailgate loading doors. The premier vehicle management services company will relocate and expand its New York/New Jersey regional warehouse from East Brunswick in September, following the completion of retrofitting at the property.

Both warehouses also feature one drive-in door, a new roof, motion sensor lights, a 100-car parking lot, and easy access to Route 287 and the New Jersey Turnpike.

“The location of the two properties and the existing plants, which benefit from strong institutional ownership, were a great fit for both tenants who were seeking more room to accommodate their growth,” said Michael Markey, Executive Managing Director at Colliers International, who along with Executive Managing Director Jonathan Tesser represented Cabot Properties in the two transactions. “The offerings were only briefly on the market before being leased, a result of New Jersey’s limited supply of good quality product and assets like 95 Clyde Road and 645 Howard Avenue.”

Added Tesser: “We are continuing to see a very robust industrial market in Northern and Central New Jersey with strong fundamentals and steady demand, particularly for spaces below 100,000 square feet, which are extremely tight in supply.”

Boston-based private equity real estate investment firm, Cabot Properties, is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Since its inception in 1986, Cabot has invested more than $6.3 billion in industrial real estate, managing and operating more than 3,000 tenants across more than 145 million square feet.

Iberia Food Corporation was represented by Binswanger in the 95 Clyde Road transaction. ESI was represented by Colliers in the 645 Howard Avenue transaction.

Iberia Food Corporation supplies a wide variety of food and beverages –– ranging from olives, extra virgin olive oils, and canned goods to rice, beans, and juices –– to more than 10,000 supermarkets, club stores, wholesalers, and distributors on the East Coast. The company is headquartered in Brooklyn and maintains four additional regional distribution locations in Miami, Orlando, Atlanta, and Springfield.

ESI collaborates with multiple automotive organizations to facilitate positive interactions for all vehicles –– ranging from urban minicars to tricked-out trucks and fully-outfitted first responder vehicles –– through automotive fleet management services and new product launches. Headquartered in Detroit, the company also maintains regional facilities in Los Angeles/Long Beach, Dallas, and Washington, D.C/Baltimore.

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