X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SOUTH BRUNSWICK, NJ-Colliers Houston & Co., which recently got the exclusive leasing assignment for the 163,648-sf 32 Commerce Street North here, has turned right around and leased almost one-third of the industrial asset to Illinois Tool Works Inc. The diverse, Glenview, IL-based company will use the location for warehouse and distribution purposes.

Located on a 12-acre site in the fabled New Jersey Turnpike Exit 8A industrial submarket, the brick and precast concrete building was originally developed by the Cranbury, NJ-based Matrix Development Group. Its ownership has shifted to the West Coast since it was built, however–the San Francisco-based RREEF acquired the asset from Matrix last year.

Colliers Houston senior vice presidents Jon Tesser and Michael Markey, along with associate Adam Citron, arranged the deal for RREEF. Binswanger/Klatskin, based in Teterboro, NJ, acted for ITW. No financial details of the transaction were released.

“Signing a high-caliber tenant like ITW is an excellent start to leasing up the building, and we believe that the remaining 114,000 sf will be spoken for in a timely fashion,” says Tesser, who notes that the facility contains a total of 20,000 sf of office space. “This space is in the heart of the Turnpike corridor and is ready to go.”

“We believe there are positive signs in the industrial real estate market,” adds Markey, whose Teaneck, NJ-based company has regional offices in Parsippany, NJ and Somerset, NJ. “The industrial sector of the market has maintained a moderate balance and is really poised for growth.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.