IDI Gazeley Inks 450 KSF in NJ
- Apr 11, 2017
CBRE Group Inc. has facilitated 450,000 square feet of leases at 301 Middlesex Center Boulevard, a Class A industrial building situated as part of the three-building Middlesex Center in South Brunswick, N.J. The company worked on behalf of landlord IDI Gazeley.
The transactions bring the newly constructed, speculative facility to full occupancy. Tenants include CDS Logistics, which leased 250,000 square feet of space, and Best Logistics, which leased 200,000.
“Exit 8A is one of New Jersey’s hottest submarkets for industrial property, and this Class-A facility provides an ideal location for premier third-party logistics providers like CDS and Best Logistics,” Steven Beyda, CBRE’s first vice president, said in a prepared release. “To facilitate lease-up in a more-timely manner, we utilized the latest technologies, including virtual reality tours, to draw greater interest from local and national prospective tenants.”
The CBRE team, which also included Mindy Lissner and Scott Belfer, eventually decided to divide the building into a multi-tenant facility.
“IDI Gazeley was able to pursue the subdivisions without a hitch,” Beyda said. “These leases also mean that all three buildings at Middlesex Center are now fully occupied, providing further evidence of the continued strength of New Jersey’s industrial market.”
The property includes best-in-class features, including 36-foot ceiling heights, ESFR sprinkler systems and cross-docked loading. The Middlesex Center also boasts several prestigious tenants, including Williams-Sonoma.
According to JLL’s most recent Northern and Central New Jersey Industrial Market Report, Northern and Central New Jersey both continued to see further acceleration in market fundamentals, with overall asking rental rates increasing as vacancy rates hit all new lows of 4 percent.
The report also noted that the growing need for retailers to locate industrial facilities near major population centers has driven Northern and Central New Jersey’s industrial market to historic levels.
The CBRE team of Beyda, Kevin Dudley and William Waxman represented Best Logistics in the transaction, while CDS was represented by Joe Nitti of Cresa.
The industrial buildings are located off the New Jersey Turnpike in South Brunswick, less than 30 miles away from the ports of New York/New Jersey and Newark International Airport.
“CBRE had some unique marketing concepts that helped lease the building within only six months of the assignment,” added Doug Armbruster, IDI Gazeley’s East Region’s senior vice president and regional director.“CDS and Best Logistics are among the most prestigious logistics providers in the region, and we’re very excited to welcome them to our property.”