SOMERSET, NJ—Reflecting the shrinking pool of available industrial property in north and central New Jersey, Princeton-based Cabot Properties has fully leased two single tenant warehouses it owns at 95 Clyde Rd. and 645 Howard Avenue in Somerset, NJ. Colliers International arranged the new, long-term leases totaling 147,000 square feet.

Iberia Foods Corporation leased 82,000 square feet at 95 Clyde Road, which features eight tailgate loading doors and 24-foot ceilings. The East Coast food and beverage supplier recently relocated its subsidiary Brooklyn Bottling Group, a manufacturer and distributor of international beverage brands, from Carteret, NJ to the property.

Event Solutions International leased 65,000 square feet at 645 Howard Avenue, which includes 8,000 square feet of office space and four tailgate loading doors. The vehicle management services company will relocate and expand its New York/New Jersey regional warehouse from East Brunswick, NJ in September after completion of retrofitting at the property.

“The location of the two properties and the existing plants, which benefit from strong institutional ownership, were a great fit for both tenants who were seeking more room to accommodate their growth,” says Michael Markey, executive managing director at Colliers International, who, along with executive managing director Jonathan Tesser, represented Cabot Properties in the two transactions. “The offerings were only briefly on the market before being leased, a result of New Jersey's limited supply of good quality product and assets like 95 Clyde Road and 645 Howard Avenue.”

While declining to discuss specific terms, Markey tells GlobeSt.com exclusively that generally speaking, for class A industrial product in the greater Somerset market, asking rents range between $5.50 to $6 per square foot.

Brooklyn Bottling Group was previously operating within Associated Wholesalers Inc.'s White Rose facilities in Carteret, says Markey. The distribution centers were purchased by C&S Wholesale Grocers, who began to revamp the facilities before announcing their decision to close them and cease operations. Iberia decided to relocate in Somerset mainly because of availability.

“There weren't many viable options in their size range for them to pick from,” says Markey. “They needed a building that was in good shape, clean, and ready for immediate use. “Cabot Properties is a top notch owner who has done an excellent job keeping these properties in very good condition.”

Both warehouses also feature one drive-in door, a new roof, motion sensor lights, a 100-car parking lot, and easy access to Route 287 and the New Jersey Turnpike.

Markey says industrial property availability in north-central New Jersey continues to be “extremely tight right now.”

“We are seeing very strong demand for industrial spaces in Northern and Central New Jersey, which are quickly being absorbed across all size categories ranging from below 50,000 square feet to 300,000 square feet,” he says. “There is far more user activity in this size range than for spaces larger than 300,000 square feet. It would be wise for developers of new ground up development and owners of existing large product to consider breaking up these larger spaces into smaller units to accommodate multiple tenants.”

Iberia Food Corporation was represented by Binswanger in the 95 Clyde Road transaction. ESI was represented by Colliers in the 645 Howard Avenue transaction.

Iberia Food Corporation supplies a wide variety of food and beverages –– ranging from olives, extra virgin olive oils, and canned goods to rice, beans, and juices –– to more than 10,000 supermarkets, club stores, wholesalers, and distributors on the East Coast. The company is headquartered in Brooklyn and maintains four additional regional distribution locations in Miami, Orlando, Atlanta, and Springfield.

ESI collaborates with multiple automotive organizations to facilitate positive interactions for all vehicles –– ranging from urban minicars to tricked-out trucks and fully-outfitted first responder vehicles –– through automotive fleet management services and new product launches. Headquartered in Detroit, the company also maintains regional facilities in Los Angeles/Long Beach, Dallas, and Washington, D.C/Baltimore.