The transaction was closed on behalf of the New York Times by David Simson, president; Joel Orenstein, senior vice president-corporate accounts; and John T. Potter, assistant director-corporate services of GVA Williams. Gary Green and Tom Nuara of Resource Realty represented Home Essentials & Beyond. Terms of the transaction were not disclosed.

The tenant is a Brooklyn, NY-based seller and distributor of giftware, glassware, porcelain, china and related products. Most of the Home Essential's sales are via catalog or online, and company will use the facility for warehousing and distribution purposes.

"This facility represents one of the largest blocks of high quality industrial/warehouse space in the [New Jersey Turnpike] Exit 10 marketplace," says GVA Williams' David Simson. "It's an ideal location for Home Essentials."

"Perhaps the slow down in absorption that we have observed since the beginning of the year may be approaching an upturn," suggests Orenstein. "We have responded to numerous inquiries over the past several months, which shows a dramatic improvement in the state of the market. It seems as if, at least in the industrial market, the times are changing for the better."

"In an industrial market that, at best, has been described as sluggish, the successful marketing was due to an aggressive effort," adds Herb Valentine, real estate director for the New York Times Co. "While we had many companies kicking our tires, we were inclined to wait for a tenant that met our long-term objectives for the asset."

The facility, which the Times has used as an "inventory," or overflow building relating to its adjacent printing operations, had been vacant since last spring when a previous tenant vacated the premises.

Instant Insights /

Giftware Distributor Leases 300,000-SF Industrial Building

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