The RealReal, the authenticated luxury online consignment brand, has signed a 492,276-sq.-ft. industrial lease at 950 Convery Boulevard in Perth Amboy. The RealReal will house a new northeast fulfilment center in the entire industrial property owned by Prologis, Inc., the global leader in logistics real estate.
The CBRE team of Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazarides and Gerard Monahan negotiated the lease transaction on behalf of Prologis. Shannon D. Aja of Newmark Knight Frank (NKF) and Frank Recine formerly of NKF represented The RealReal.
“The RealReal required warehousing space in a central location to meet its very specific and rapidly growing distribution requirements,” said Recine.
Tom Monahan, Vice Chairman, CBRE, noted “950 Convery Boulevard was ideal for the online retailer offering 36’ ceiling height, 86-dock doors, parking for 342 vehicles and 127 trailers, all in an accessible location with access to labor. The building will serve as its third fulfillment center in the United States, in addition to warehouses in Secaucus, New Jersey and Brisbane, California. The company also plans to create another 800 jobs in New Jersey, which will be a tremendous addition to the local economy.”
Launched in 2011, The RealReal has permanent stores in New York’s SoHo neighborhood and West Hollywood in Los Angeles. The retailer recently completed a Series G round of financing totaling $115 million that will allow the company to continue its growth.
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