Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?


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.