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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.

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