In the first deal, Burghart Shipping took just over 56,000 sf. The freight forwarding and customs brokerage business will move its headquarters here from nearby Union, NJ. In the second deal, Retail Logistics LLC expanded in the building to almost 52,600 sf and will utilize the facility for consumer product fulfillment.
"With these two lease transactions, we will have exceeded our financial objectives for the acquisition of this property," says Mark Payne, project manager for the San Francisco-based Bristol Group. "Our firm has more than $500 million in equity capital to acquire and develop industrial properties in our four core markets--New Jersey, Los Angeles, Chicago and South Florida."
The Bristol Group acquired the 206,000-sf 50-52 Fadem Rd. building from Green Fund Realty for $10 million early last year. The firm is currently marketing the last remaining vacancy, a 20,000-sf block of corner office space.
The CB Richard Ellis team of Mark Tannen, John Donnelly, Frank Lopriore and Robert Sager represented Bristol in the Burghart transaction, and Patricia Tarczilo of Hasbrouck Heights, NJ-based SBWE repped Burghart. Terms of the two transactions were not disclosed.
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