Michael Schaible, senior vice president of commercial brokerage firm Lee & Associates NJ, has completed the sale of a 72,000-square-foot industrial office building in Englewood and negotiated 2 industrial lease transactions totaling 236,000-square-feet in Wood-Ridge and Ridgefield.
Schaible negotiated a seven-year, 111,000-square-foot lease at a brand new, state-of-the-art distribution facility, part of a 2 building industrial development, located at 4 Bell Drive in Ridgefield. Cushman & Wakefield represented the owner Metro Point LLC/Baring, a subsidiary of Mass Mutual. The transaction was developed as a forward sale for Barings by Sitex. Schaible represented the tenant, Cubitac Corp, a growing wholesale importer and distributor of flat packed cabinetry that was looking to expand their distribution capabilities beyond the 100,000 square foot facility Schaible had arranged for them in 2016.
In Wood-Ridge, Schaible inked a 125,000 square-foot pre-lease at 5 Ethel Boulevard, a state-of-the art industrial distribution property, representing specialty food distributor GraceKennedy Foods, the first tenant to commit to the new warehouse property. GraceKennedy will be consolidating operations from other Meadowlands locations into the new building. Ben Rosen of Duke Realty represented the landlord in the long-term lease which represents two-thirds of the new warehouse space. “In choosing 5 Ethel, GraceKennedy will be operating in one of the newest and most functional distribution facilities in the entire Meadowlands market, offering extraordinary accessibility to Manhattan and the rest of the NY Metro area” commented Ben Rosen. The warehouse features 36-foot ceilings, wide column spacing, 13 dock doors and ample car and trailer parking. Marketing of this transaction was managed by Chris Hile and Brian Golden of JLL on behalf of Duke Realty.
Lee & Associates NJ announced it negotiated the sale of a 72,000-square-foot industrial/flex building at 100 W. Forest Avenue, Englewood, NJ for $16 million. Lee & Associate’s’ Senior Vice President Michael Schaible represented the buyer, Sitex Group. Located in the heart of the Englewood South commercial market and less than 2 miles from the GW Bridge, 100 West
Forest is a contemporary, multi-tenant high-tech facility that offers abundant parking and strong aesthetics. Set on 4.6 acres, the property sits amidst one of the most easily accessible transportation hubs in Bergen County. Lee & Associates NJ will remain the property’s leasing agent.
“We continue to see substantial demand across industrial property types as a wide variety of companies search for quality opportunities within the New Jersey marketplace, particularly in the Meadowlands and well located towns that offer close proximity to New York City and its ports along with a deep labor pool,” commented Schaible.
The sale marks the culmination of a successful 4th quarter for Michael Schaible. “Michael’s performance demonstrates his deep industry knowledge and high-level expertise as evidenced by these completed transactions” commented Lee & Associates NJ President and Principal Rick Marchisio. “He is a leader and a visionary and continues to strengthen Lee & Associate’s presence in the New Jersey marketplace.”
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