143,000 SF of Leases Fill Rreef Building

CARLSTADT, NJ-Two new tenants have signed industrial leases totaling 142,500 sf to effectively fill the 350,000-sf building at 350 Starke Rd. here. Also known as the Meadowlands Distribution Center, the Rreef asset first hit the market on a spec basis in mid-2004.

"Its successful lease-up can be credited to its position within the regional market," says Stephen Elman, who teamed with Jules Nissim of Cushman & Wakefield of NJ's East Rutherford and Frank Caccavo and Jason Goldman of the firm's Edison office to complete the lease-up for Rreef. The quartet had the exclusive for the property, and David Nenner, vice president and district manager in Rreef's Hackensack office was the in-house rep.

"The introduction of this property brought an opportunity for 'big box' warehousing and high-tech clients in the Meadowlands market," Elman explains. "It mirrors the modern product that tenants are drawn to at Exit 8A of the New Jersey Turnpike, but it is located just six miles from Manhattan with proximity to Port Newark/Elizabeth and Newark Liberty International Airport."

As for the two signings that brought the building to full occupancy, Stone Source, a stone and tile supplier, took 89,000 sf and will consolidate three Brooklyn, NY locations are the site. The space will be used for a combination of showroom, fabrication and distribution operations. C&W represented both the building and the Manhattan-based tenant.

Also, the Rockleigh-based Creston Electronics, which makes advanced control and automation systems, has signed on for 53,500 sf, which will be utilized for distribution purposes. Mitch Helfman of MRH Real Estate Services Inc. spoke for Creston. The terms of the two leases were not released.

The single-story Meadowlands Distribution Center occupies an 18.4-acre parcel. Its other tenants are MediMedia USA, which moved into its 143,000-sf space as the building's initial tenant in late 2004, and BDI Laguna, which occupies approximately 64,000 sf.