(Mark your calendars: RealShare New Jersey, Sept. 12, 2011 in New Brunswick, NJ and RealShare New York, Oct. 12, 2011 in New York City.)
NORTH BERGEN, NJ-GlobeSt.com has confirmed published reports that National Retail Transportation has agreed to lease a 224,935-square-foot, cross-dock distribution facility at 2400 83rd St. here. The global logistics service provider has signed a five-year lease with two five-year options, resulting in the building now being fully leased.
Finding a large cross-docked facility was a challenge in Northern New Jersey, says Jones Lang LaSalle vice president Dean K. Brody, who represented the tenant. “There were four other possible buildings,” Brody tells GlobeSt.com. “This offered the greatest amount of space, docks and truck positions.”
This could become an increasing challenge as third-party logistics (3PL) providers grow larger and need more space to be sustainable. “If they have a requirement to be north of New Jersey Turnpike exit 14 and south of Interstate 80, there are only four buildings,” Brody notes.
But the market for cross-docked buildings is tightening up, with rents now stabilizing rather than declining, he says. “But there are opportunities further south,” Brody says. “There are not a lot of facilities in the market.”
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