FLEMINGTON, NJ-Regency Warehousing & Distribution Inc. has signed a lease for 437,000 sf of industrial space at Raritan Industrial Center, located at 1200 Route 523 here. The logistics company will occupy more than half of the 852,000-sf Lincoln Equities-owned facility.
The tenant was represented in the transaction by Joseph Nitti of the Sitar Co./Oncor International, of Iselin, NJ. Lincoln Equities was represented by Colliers Houston & Co. of Teaneck and Somerset, NJ. Terms of the deal were not released.
"Regency was able to see the intrinsic value in locating at a site that was further away from the main distribution hubs," says Joel Bergstein, executive vice president of the Rutherford, NJ-based Lincoln Equities. "Their cost savings will reflect that."
Lincoln Equities acquired the former Lipton Tea Building, which the latter had used as a distribution center, in 2001. Built in 1963 and expanded eight times since, the two-story asset sits on a 108-acre site about nine miles from I-78 in Hunterdon County. The building features 20- to 47-foot clear ceiling heights, has fully air-conditioned production, manufacturing and packaging areas and currently has a contiguous block of 300,000 sf available. That block of space is divisible, according to Bergstein.
Regency Warehousing & Distribution is a third-party transportation and warehouse & development company based in Franklin, MA. The company, which also has multiple locations in Newark, NJ generally handles paper products, food products, paper, glass and metal containers, electronics, packaged goods and general merchandise.
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