SOUTH BRUNSWICK, NJ-World Wide Parts and Accessories has signed a full-building lease for the 232,000-sf industrial building on a 15-acre site at 300 Herrod Blvd. here. The Newark, CA-based tenant is a nationwide importer and distributor of automotive replacement parts for the import repair specialty market.
The landlord is Adler Development, an Edison, NJ-based family-owned company, which started construction of the building on a speculative basis in the middle of last year. Worldpac is slated to move into 300 Herrod Blvd., a flow-through building now being customized for the company, by late summer.
The signing also signals a move of Worldpac's East Coast distribution center from another Adler property. That move from Adler's 151 Fieldcrest Ave. in Edison, NJ, within Raritan Center Business Park, will nearly double Worldpac's space, according to Patrick Healy, the company's regional vice president. "The company has grown significantly, tied to demand in the import specialty repair market niche," Healy says.
Terms of the lease were not disclosed. However, the transaction was arranged by Cushman & Wakefield, which serves as Worldpac's national real estate services provider. Robin Dodson of C&W's Los Angeles office heads the national account, and the local transaction was put together by Jules Nissim and Stan Danzig of the firm's East Rutherford, NJ office.
"In a market where speculative development is just beginning to re-emerge, Adler recognized the potential for 300 Herrod Blvd.," Nissim says. "The foresight resulted in a win-win situation for both tenant and landlord."
Founded in 1961 as B&A Construction, Adler Development today has a portfolio of one million sf of industrial and office space and 800 multifamily units in Central New Jersey. "We are currently expanding our portfolio with ground-up development and rehabilitation of older facilities," says Joshua Adler, son of the company's founder Bernie Adler. "Our goal is to have a continuous pipeline of activity to attract new tenants as well as to meet the changing needs of our existing client base."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
