X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

MONTVILLE, NJ-Cushman & Wakefield of NJ has picked up the leasing assignment for 10 New Maple Ave., a high-end flex/warehouse asset in this township’s Pine Brook section. The 265,000-sf building is owned by the Boston-based High Street Equity Advisors LLC. For C&W, the assignment is being headed by Jason Goldman, Frank Caccavo and Andrew Siemsen, all based in the firm’s Edison office.

The first order of business for the trio of brokers will be to find a tenant or tenants for a 50,000-sf block of space that recently became available. Other than the vacant block, the rest of the building is leased to Toys ‘R’ Us, Olla Beauty Supply, and carpet and furniture retailer Einstein Moomjy. All three tenants use their spaces for warehouse purposes.

“It is a great base for a local or regional distribution operation,” Goldman says. He notes that 10 New Maple Ave.’s 50,000-sf current availability features 24-foot clear ceilings, a 5,000-sf built-out office component and signage exposure along the property’s I-80 frontage.

The building at 10 New Maple Ave. is one of two that High Street Equity owns in the Garden State, a relatively new market for the real estate investment company. The other, according to the firm’s Johnna Barry, is a warehouse/distribution facility at 200 Maltese Dr. in Totowa, and overall, the five-year-old High Street Equity has a portfolio of 8.3 million sf of industrial and office space in the eastern US. The firm “focuses on investments that produce current distributions and a risk-adjusted overall investment yield over a limited holding period,” she says.

“The property’s institutional ownership is one of its draws,” Goldman says.

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.