Frank Lopriore, senior vice president, tenant advisory group, and John Donnelly, vice president, global logistics group, facilitated the transaction on behalf of De'Longhi. The landlord, Wood-Ridge Industrial Associates, was represented by Team Resources Inc.
Although Grubb & Ellis declined to provide the rental rate, but according to its recently released third quarter industrial report average asking rents for W/D space in Northern and Central New Jersey are $5.36, but in Bergen County that number is probably closer to $6.15.
"We were able to assist De'Longhi in achieving its corporate objectives, which were to remain in its current location and find cost saving solutions," Donnelly says. When asked to elaborate on these savings, Grubb & Ellis did not return calls to GlobeSt.com by deadline.
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