TETERBORO, NJ-Nygala Corp., a China-based gift and novelty company, has subleased a 145,000-sf block of space at 698 Route 46 here. The company is planning to use the site as its US headquarters and as a W/D facility.
"Nygala chose this property because of its location and the competitive pricing," says William Waxman, SVP at CB Richard Ellis, who teamed up with the firm's Nicholas Nitti, first vice president, and senior associate Carrie Brown to represent the sub-landlord Mohawk Industries. "They are currently operating several warehouses in the area and wanted to consolidate into a larger facility to accommodate their growing business needs."
The 617,000-sf asset, situated on a 27-acre site, was originally built in 1954 as a parts distribution for Ford Motor Co. As reported by GlobeSt.com, Ford sold the building to current owner AMB Property Corp. in 2002 for $32 million, with the latter subsequently launching a major makeover including rebuilding the W/D portion with 30-foot ceilings. The building also includes a 20,000-sf office component. Mohawk Industries signed a 10-year lease for the entire building in 2004, but subsequently returned most of the space to the market on a sublease basis because of cutbacks in its space requirements.
Nygala Corp. was represented in the sublease transaction by Team Resources of Carlstadt. Terms of the deal were not disclosed. A block of direct space in the building is currently being marketed with an asking price of $7.50 per sf.
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