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PERTH AMBOY, NJ-Consumer electronics giant Best Buy has signed a lease for 492,000 sf of W/D at Amboy Corporate Center’s building II here. The two-building, 1.1-million-sf project is currently under construction, with the space slated for delivery in Q2.

Best Buy was represented in the transaction by Mindy Lissner of CB Richard Ellis’ East Brunswick office, along with David Brown of the Minneapolis office. Best Buy is based in the latter city. Landlord Morris Cos., Rutherford, was represented by brokers from Newmark Knight Frank. Terms of the deal were not released; the space had been listed with an asking price of $6.75 per sf.

Best Buy joins US Foodservice on-site, with the food distribution giant having signed on for 452,000 sf at the center’s Building I in November. In that instance, the tenant was represented by Lissner and CBRE colleagues Bill Waxman, Nicholas Nitti and Chris Reynolds.

“New Jersey’s industrial market, while facing some challenges, is still one of the strongest in the nation because of its proximity to the extensive surrounding consumer zone and the increased activity around the ports,” Waxman says. Developer Morris Cos. started actual construction on the project in mid-2006 on a speculative basis. Amboy Corporate Center is rising on 64 acres as a redevelopment of Chevron asphalt refinery surplus properties. It’s also part of the state’s public/private Portfields Initiative, an effort driven by the New Jersey EDA and the Port Authority of NY/NJ aimed at getting more W/D space near the state’s ports and Newark Liberty International Airport.

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