Stan Danzig, Jules Nissim and Noah Balanoff of Cushman & Wakefield's East Rutherford office and Frank Caccavo and Jason Goldman of the firm's Edison office represented landlord Principal Real Estate Investors during negotiations with L.A. Enterprises. The team serves as exclusive agent for the nearly one million-square-foot, class A warehouse/distribution property. Douglas Fura of NAI Farbman and Raymond Musalo of Alliance Real Estate Group brokered the long-term transaction on behalf of the tenant. While the terns of the deal could not be released, industrial rental rates in Middlesex County are $5.23, according to Cushman & Wakefield's 2010 Q1 report.
"Principal worked closely with L.A. Enterprises to ensure that the building improvements would satisfy their needs for efficient production," Nissim tells GlobeSt.com. "The end result is a unique fitout that expands the company's operation by some 130,000 square feet, with room to grow. Principal's flexibility also contributed to aggressive terms that ultimately secured L.A. Enterprises' commitment."
Located on Cranbury South River Road at Costco Way, the property sits on 56.6 acres and is visible from the NJ Turnpike, one mile north of the Exit 8A interchange. The building is located on features 36-foot clear ceilings, cross-docked loading, trailer parking and 275 car parking spaces. The 611,325-square-foot balance of the space can be leased in its entirety or divided for multiple users; interior office space will be built to suit.
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