CARTERET, NJ-Specialty Products & Insulation Co. has signed a long-term lease for 72,654 sf of industrial space at 60 Minue St. here. The Lancaster, PA-based distributor of insulation and building products will be relocating its regional distribution and service center from the company's current 50,000-sf space in Elizabeth, a move that reflects a nearly 50% expansion.
SPI was represented by managing director Barry Cohorsky of the Iselin office of Studley. The building's owner, Carteret Building Six LLC was represented by Christopher Tichio of Alexander Summer. Terms were not released; the space had been listed with an asking price of $5.25 per sf.
"SPI wanted to continue participating in New Jersey's urban enterprise zone program, which offers tax and regulatory incentives to businesses," Cohorsky says. "While quality space is often limited within these areas, we were able to find a high-quality space located within a UEZ."
"It is the most appropriate industrial property to meet our warehouse requirements," says Ernie Iulianetti, general manager at SPI. "Our specifications were met, including proximity to the New Jersey Turnpike, which is invaluable in the distribution business."
Built in 1988, the 172,000-sf 60 Minue St. is a half-mile from the Turnpike's Exit 12 and provides visibility from the toll road. The signing brings the building, whose major tenant is the US Postal Service, to full occupancy.
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