"Industrial space has always been the core of our portfolio and a key to the region's real estate market," according to Hartz president and chief operating officer Emanuel Stern. "I've never been in the business of prognosticating, but any pick-up in activity is a positive sign, and such a dramatic jump in the industrial sector is a strong indicator for the tri-state area's economy and industrial real estate market."
In the largest of the signings, Urban Express, a transportation company, took just under 120,000 sf at 201 Bay Ave. in Elizabeth, NJ, near the port facilities of Newark and Elizabeth. And Hartz has leased a total of just under 117,000 sf to Trim Spa at the company's 35 Melanie Way in Whippany, NJ.
Other significant transactions include almost 92,500 sf leased to SDS Management Co. at 114-120 Seaview Dr. in Secaucus; and the 71,000 sf taken by E-Fashion Consulting at 80-90 Enterprise Way, also in Secaucus. In addition, the Bokura Rug Co. has signed on for just over 40,000 sf of distribution space at 44 Hartz Way, also in Secaucus.
"Northern New Jersey has and will continue to offer advantages for industrial users," Stern says. "We will continue to witness normal market cycles, but with proximity to infrastructure and accessibility to the tri-state region's consumer base, industrial space in the region will always be a valuable commodity."
Hartz's current commercial real estate holdings amount to some 200 industrial, office and retail properties totaling more than 35 million sf in the Northern New Jersey/New York area.
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