The transaction was arranged by Robert A. Dinner and Daniel E. Frankel, principals in the Woodbridge, NJ office of Newmark Real Estate of NJ, who represented the owner of the building, the Fort Lee, NJ-based Mack Co. On the tenant side, the representation came from Charles Fern and Joel Lubin, executive vice presidents in the local office of Binswanger/Klatskin.
Terms of the signing were not disclosed. However, according to current industry figures, the asking price for similar space in the I-287/New Jersey Turnpike Exit 10 market is in the vicinity of $4.80 per sf. The 98-million-sf industrial submarket is currently showing a vacancy rate of a little more than 5%.
"Automated Distribution Systems required a larger space than its existing Edison location for its warehousing needs, and also sought a convenient relocation," according to Dinner. "23 Mack Dr. offered the company a great location just two blocks from its previous address, and it met all of its operational needs."
"ADS chose this facility based on its location in one of New Jersey's most prominent industrial markets," Fern confirms.
Dinner and Frankel were the exclusive leasing agents for the asset, an assignment the duo picked up a little more than a year ago. The facility itself, which has direct access to I-287, the NJ Turnpike and Routes 1, 9 and 27, includes 15,000 sf of built-out office space. It also features 20-foot to 24-foot clear ceiling heights and 35 loading docks, according to Dinner. Corporate neighbors include Electrolux, A&P Supermarkets, the US Postal Service and Domain Furniture.
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