Kenneth D. Lundberg, a senior vice president of the Hackensack, NJ-based NAI James E. Hanson Inc., represented the tenant in the transaction. Paul Torosian and Karen Iman of Trammell Crow Co. represented the owner of the property, the New York-based TIAA-CREF.
"We've once again represented this logistics company in a significant lease transaction," Lundberg says. "Con-Way will utilize this space for its warehouse and distribution requirements in the region."
The terms of the transaction are not being released. The space at 1265 South River Rd., which is located in the New Jersey Turnpike Exit 8A submarket, had originally been listed at $5 per sf, and comparable space has more recently been listed in the $4.50 range. Several recent industrial deals for comparable space in the region have been closing in the $4 to $4.20 per sf range, generally carrying five-year terms.
Con-Way's Central Express and Integrated Services groups are occupying approximately two-thirds of the 345,000-sf, one-story building, which has 32-foot ceiling heights. The new tenant will share the asset with FloorOne.com, an e-commerce flooring company, and Riteway Products. The location is one of seven that Con-Way maintains in the Garden State. Con-Way Transportation Services specializes in next-day and second-day less-than-truckload freight transport.
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