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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.”

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