PISCATAWAY, NJ-The 288,115-sf light industrial building at 21 Constitution Ave. here has hit the sublease market, and Grubb & Ellis' Edison office has picked up the assignment to find tenants. For Grubb & Ellis, SVP Ben Shapiro and colleague Trevor Patterson are heading the assignment.
Sudler Cos. of Parsippany owns the three-year-old building, and Verizon is the sublandlord. The asset, which was custom-built to Verizon's specs, features 32-foot clear ceilings. A spokesman for Verizon confirms the pending disposition, adding, "it's part of an effort to streamline our operations."
"Verizon is willing to consider leaving their racking and material-handling equipment as part of the sublease," Shapiro tells GlobeSt.com. "There is approximately 12 years left on the existing lease."
And the space is currently listed with an asking price of $5.75 per sf triple net. Real estate taxes are listed as $1.11 per sf. The building, which sits on approximately 20 fully fenced acres, includes 10,000 sf of office space. FedEx, UPS, DHL and USPS all have hubs nearby.
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