Three of these latest leases were signed by retail chain operators for warehouse/distribution space. In the first, Prada took all of a new 175,000-sf office and distribution facility at Castle Road Industrial Park in Secaucus, NJ, owned by Castle Industrial Park LLC. The lease term is 20 years, but no other details were disclosed.
Also, Toys "R" Us has leased a 140,000-sf distribution center in Pine Brook, NJ for its Imaginarium store subsidiary. The property is owned by First Industrial Realty Trust. And Armani A/X has leased a 107,000-sf distribution center in the Hartz Mountain Industrial Park in Secaucus, owned by Hartz Mountain Industries.
Finally, Lowe's Corp. has signed a 30-year lease for 12 acres at 7801 Tonnelle Ave. in North Bergen, NJ, owned by United States Land Resources. A former Evan Picone office/distribution facility on the site has been torn down and will be replaced by a new 140,000-sf Lowe's Home Improvement Center retail outlet, according to Evans.
"These leases indicate the continued strength of the industrial market here in New Jersey, despite slow-downs in other sectors of the market," according to Evans, who represented both the tenants and the property owners in all four deals. "These transactions also attest to the strength of creditworthy retailers that will continue to need good warehouse space to support their retail store operations, as well as good store locations."
Besides its home office in Hasbrouck Heights, SWBE also has an office in Edison, NJ. The firm specializes in industrial, value retail, office and investment real estate brokerage.
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