X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRANBURY, NJ-Con-Way Transportation Services has signed a lease for 233,478 sf of industrial space at 1265 South River Rd. here, GlobeSt.com has learned. The Ann Arbor, MI-based transporter is a subsidiary of the California-based CNF Inc., itself the successor company to Consolidated Freightways, which went through bankruptcy proceedings several years ago and emerged as a network of regional companies.

Kenneth D. Lundberg, a senior vice president of the Hackensack, NJ-based NAI James E. Hanson Inc., represented the tenant in the transaction. Paul Torosian and Karen Iman of Trammell Crow Co. represented the owner of the property, the New York-based TIAA-CREF.

“We’ve once again represented this logistics company in a significant lease transaction,” Lundberg says. “Con-Way will utilize this space for its warehouse and distribution requirements in the region.”

The terms of the transaction are not being released. The space at 1265 South River Rd., which is located in the New Jersey Turnpike Exit 8A submarket, had originally been listed at $5 per sf, and comparable space has more recently been listed in the $4.50 range. Several recent industrial deals for comparable space in the region have been closing in the $4 to $4.20 per sf range, generally carrying five-year terms.

Con-Way’s Central Express and Integrated Services groups are occupying approximately two-thirds of the 345,000-sf, one-story building, which has 32-foot ceiling heights. The new tenant will share the asset with FloorOne.com, an e-commerce flooring company, and Riteway Products. The location is one of seven that Con-Way maintains in the Garden State. Con-Way Transportation Services specializes in next-day and second-day less-than-truckload freight transport.

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.