X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SOUTH BRUNSWICK, NJ-VSE Corp., an Alexandria, VA-based engineering and tech support company, has signed a long-term lease for the entire 256,390-sf industrial building at 111 Herrod Blvd. here. VSE is expected to take occupancy of the three-year-old building on 20 acres by summer.

The lease comes just a year after VSE leased the 104,000-sf warehouse at 35 Thatcher Rd., also here. Both leases were arranged for VSE by senior managing directors Christopher Marx and Daniel Foley of Studley’s Hackensack, NJ office. Owner Forsgate Industrial Partners of Jamesburg, NJ was represented in-house by Catherine Argenio and Alex Klatskin. Terms of the latest lease were not disclosed; comparable space in the immediate Exit 8A submarket is currently listed with asking prices in the $4.50 per sf range.

VSE will use both locations to store and auction off merchandise seized by such federal agencies as the Department of Homeland Security, Customs and Border Protection, Immigration and Customs Enforcement, the Secret Service and the IRS. It is part of a $113-million contract VSE has with the US Treasury. In 2007, the DHS seized some $200 million of counterfeit or pirated goods, topping the 2006 value by 27%.

“Due to the immediate need for increased capacity, VSE wanted to find additional warehouse space near its existing facility in South Brunswick,” Marx says. “After locating the space for VSE, we were able to finalize the lease transaction in just 30 days because of the landlord’s responsiveness.”

Foley says that “in such a challenging market, it was gratifying to complete a transaction like this in which both parties were very motivated to move forward.” VSE’s new location features 36-foot clear ceilings and connects to several major highways. Besides the two South Brunswick warehouse locations, the company has two other field offices in New Jersey, in Bridgeport and Shrewsbury.

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.