NEW BRUNSWICK, NJ—Prime Source Building Products renewed and significantly expanded its industrial lease presence at two buildings on Van Dyke Avenue here. The lease renewal and expansion calculates out to a total of 173,746 square feet.
The renewal and expansion transaction was announced by CBRE Group, which represented the building owner in the deals. Prime Source Building Products renewed 84,824 square feet of space at 20 Van Dyke Ave. and expanded into 88,922 square feet of space at 14 Van Dyke Ave. CBRE says the company decided to renew its lease due to the additional outside storage available at the building complex that will continue to serve as the company's northeast distribution hub.
The CBRE team of Scott Belfer and Lou Belfer, senior vice presidents, represented the landlord, Van Dyke Associates, LLC, in the transaction.
“The location of these warehouses, in addition to the price offered by the landlord, greatly contributed to the tenant's decision to stay in place in the New Brunswick location,” says CBRE's Scott Belfer. “The property was also able to accommodate the tenant's desire to expand its industrial footprint, which sealed the deal in this transaction.”
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