The tenant has already moved into the single-story warehouse/distribution center, which was sublet from Aeropharm Technology, a division of Abbot Labs, Lundberg tells GlobeSt.com. Dennis McConnell of Jones Lang LaSalle represented Aeropharm Technology.
Lundberg says he started working early last year on the relocation. The move was prompted by the tenant's desire for a more centrally located regional distribution center to cover the East Coast. In Connecticut, the tenant occupied 175,000 square feet.According to Lundberg, there are seven years left on the sublease. The effective rent is $3.60 a square foot. When he started the project, he recalls that that rental number was below market. Now, "the market has come down," he says, adding that the search entailed a review of 18 buildings.
The four-year-old building is accessible to a number of major roadways that converge near Exit 10 of the New Jersey Turnpike, such as Interstate 287 and the Garden State Parkway. The facility features 32-foot ceiling heights, 25 trailer parking stalls, 35 tailgates and ESFR sprinklers.
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